Why Ziopharm Oncology Stock Is Sinking Today

Shares of Ziopharm Oncology (NASDAQ: ZIOP) had sank 10.2% as of 11:26 a.m. EST on Friday. The drop came after Jefferies downgraded the stock from buy to hold and lowered its one-year price target to $5.

There's both good news and bad news with this latest downgrade. Jefferies analyst Chris Howerton isn't as optimistic about Ziopharm's near-term prospects as he's been in the past. But he still sees at least some upward potential for the biotech stock. His price target reflects a 14% premium over its current share price.

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Source Fool.com