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Aratana Therapeutics shares tumble after Stifel analyst slashes rating to Hold

Friday, January 11, 2019 8:57

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Shares of Aratana Therapeutics Inc (NASDAQ:PETX) tumbled Friday after a Stifel analyst downgraded the pet medicine developer to Hold from Buy and slashed his target for its shares to $5 from $8.

According to Stifel’s Jonathan Block, Aratana is seeing ongoing adoption of Entyce, its veterinary therapeutic medication that stimulates dogs’ appetite, but not much progress has been made on extending the drug’s duration, per a report in TheFly, the business news site.

Recent departure of chief operating officer

Block cut his 2019-2024 Entyce estimates “materially”. His move to take a neutral stance on the stock is also due partly to the Leawood, Kansas-based company’s “modest” drug pipeline and the recent departure of its chief operating officer.

Aratana shares shed 25% to hit $4.46 in Friday’s morning trading session.

Story by ProactiveInvestors

Source: https://www.proactiveinvestors.com/companies/news/212427/aratana-therapeutics-shares-tumble-after-stifel-analyst-slashes-rating-to-hold-212427.html

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