Dallas, Texas 08/20/2013 (Financialstrend) – Shares of GTx, Inc. (NASDAQ:GTXI) had recently been downgraded by analysts at Wedbush from the earlier Outperform rating to the Neutral rating. The analysts had further fixed up a price target for the stock at $2.00 per share which was observed to be a heavy decline from the earlier target at $9.00 per share. Such sudden downgrading of the shares of this pharmaceutical major had primarily been attributed to the results announced from the two clinical trials of the Phase 3 enobosarm which was developed for treatment of patients with non small cell lung cancer who are presently receiving chemotherapy. It was reported that the results of the clinical trials had not met the primary endpoints.
The analyst at Wedbush, David M. Nierengarten had commented that the team of equity researchers had presently removed the drug of enobosarm from the evaluation of the company’s stock. Owing to the lower than expected results from the clinical trials and other regulatory approval difficulties surrounding the drug, this move of removal from the analysis had been taken up. It was further commented that the removal of this product candidate from the stock valuation had ended up in the price target of $2.00 per share.
GTx, Inc. (NASDAQ:GTXI) had been moving down on Monday to lose around 65.54% in prices and thereby had closed at $1.43 per share. The stock had moved on to present fluctuations in prices in the range of $1.31 to $1.69 per share for the day. The stock had further reported trading volume at 17.14 million shares on the first day of the week, while the company on an average had recorded trading volumes at 898,810.00 shares per day. The shares of this company had presently reported the 52 week low of $1.31 and 52 week high of $7.24 per share.