Down 35%, Oncomed defended at Wells Fargo

|By:, SA News Editor

With the share price nearing $5, after the Phase 2 trial for demcizumab missed its primary endpoint, Wells Fargo's Jim Birchenough sees limited downside.

With $5 per share in cash and a $4-$5 per share value for cancer stem cell therapeutics, Birchenough retains his Outperform rating, and sets a price target range of $9-$10 (down from $19-$25).

Source: TheFly

OncoMed (NASDAQ:OMED) currently down 34.8% to $5.71.

Previously: OncoMed misses endpoint on clinical trial; Bayer will not license two drugs (April 10)