UPDATE: MLV & Co. Downgrades ImmunoCellular Therapeutics on Negative Outlook for ICT-107

In a report published Thursday, MLV & Co. analyst Vernon T. Bernardino downgraded the rating on ImmunoCellular Therapeutics Ltd. (NYSE: IMUC) from Buy to Hold, and lowered the price target from $6.00 to $1.25.

In the report, MLV & Co. noted, “We move from a BUY recommendation to HOLD and lower our 12-month price target from $6 to $1.25. The Phase II clinical trial evaluation of ICT-107, IMUC's vaccine for patients with newly-diagnosed glioblastoma multiforme (GBM), failed to show a statistically significant benefit in the primary endpoint of overall survival, or OS. ICT-107 did show a statistically significant benefit in progression-free survival (PFS), providing the company support for continuing clinical study of the vaccine in Phase III. However, ICT-107's approval is likely delayed by at least two years. Thus, we move our projection for its approval from 2017 to 2019, and with uncertainty in ICT-107 increased, we look for positive Phase II results with vaccine ICT-140, in ovarian cancer, before becoming buyers of the stock.”

ImmunoCellular Therapeutics Ltd. closed on Wednesday at $2.72.