Bank of America Downgrades Tokai Pharmaceuticals Inc to Underperform

Brokerage firm Bank of America Downgrades its rating on Tokai Pharmaceuticals Inc(NASDAQ:TKAI). The shares have been rated Underperform. Previously, the analysts had a Neutral rating on the shares. The rating by Bank of America was issued on Jul 28, 2016.

In a different note, On Jul 26, 2016, Janney Capital said it Downgrades its rating on Tokai Pharmaceuticals Inc. The shares have been rated ‘Neutral’ by the firm. On Jul 26, 2016, Wells Fargo said it Downgrades its rating on Tokai Pharmaceuticals Inc. The shares have been rated ‘Market Perform’ by the firm.

Tokai Pharmaceuticals Inc (TKAI) made into the market gainers list on Thursdays trading session with the shares advancing 2.63% or 0.03 points. Due to strong positive momentum, the stock ended at $1.17, which is also near the day’s high of $1.25. The stock began the session at $1.13 and the volume stood at 13,06,973 shares. The 52-week high of the shares is $14.2199 and the 52 week low is $1.01. The company has a current market capitalization of $26 M and it has 2,26,34,825 shares in outstanding.

Tokai Pharmaceuticals Inc(TKAI) last announced its earnings results on May 10, 2016 for Fiscal Year 2016 and Q1.Earnings per share were $-0.51. Analysts had estimated an EPS of $-0.50.

Several Insider Transactions has been reported to the SEC. On Sep 22, 2015, John S. Mcbride (Chief Operating Officer) sold 13,500 shares at $14.01 per share price.Also, On Sep 8, 2015, Lee Kalowski (Chief Financial Officer) sold 4,668 shares at $13.13 per share price.On Jul 30, 2015, Jodie Pope Morrison (President and CEO) sold 12,564 shares at $13.70 per share price, according to the Form-4 filing with the securities and exchange commission.

Tokai Pharmaceuticals Inc. is a clinical stage biopharmaceutical company. The Company is focused on developing therapies for the treatment of prostate cancer and other hormonally-driven diseases. The Company’s lead drug candidate galeterone is a multi-targeted oral small molecule drug candidate that has advantages over existing prostate cancer therapies. The Company is focusing its initial development of galeterone on the treatment of patients with castration resistant prostate cancer (CRPC) whose prostate tumor cells express an altered androgen receptor that is truncated. Galeterone acts by disrupting the androgen receptor signaling pathway which is the primary pathway that drives prostate cancer growth. The Company is conducting a Phase II clinical trial of galeterone known as ARMOR2 trial for the treatment of multiple CRPC populations.

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