Nabriva Therapeutics downgraded to Sell from Buy at Gabelli

Gabelli analyst Kevin Kedra double downgraded Nabriva Therapeutics to Sell from Buy citing valuation and concerns about Contepo’s likelihood of FDA approval. The shares have nearly doubled in 2019, far outpacing the performance of most antibiotic peers and the broader biotechnology sector, Kedra tells investors in a research note. Further, the analyst says his concerns about Contepo’s likelihood of approval have been reinforced by the FDA’s recent rejection of iclaprim due to liver safety. He sees “substantial risk” that the FDA will issue a complete response on the April 30 action date date due to safety concerns.

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