BofA Merrill Lynch Swings To Bearish On ProNAi From Bullish; Slashes Stock Target

Bank of America Merrill Lynch analyst Colin Bristow pulled an aboutface on ProNAi Therapeutics Inc. , swinging to its lowest underperform rating from its higher buy rating, after the company suspended development of its lead cancer drug following disappointing trial results. Bristow slashed his stock price target to $2, which was 3.3% below current levels, from $35. He had been at buy on ProNAi since he started covering the stock on Aug. 10, 2015, about a month after the company went public at an initial-public-offering price of $17; BofA Merrill Lynch was a lead underwriter of the IPO. Bristow wrote in a note to clients that although the company said it will review the trial data andearrd for either." The stock inched up 0.2% in midday trade to $2.07, after plummeting 68% on Monday.