Monday, November 11, 1996
Advanced Tissue Sciences Inc. (ATIS) shares Friday plummeted
26 percent on 10.5 million shares traded when Morgan Stanley analyst Eric Hecht
downgraded ATIS to "neutral" from "strong buy" after concluding
that the company's Dermagraft-Ulcer trial data in diabetic foot ulcers are less
robust than he had believed.
In addition, he said, overall trial results weren't significant
when all evaluable patients were included. The analysis, he said, was based
on the 85 percent of evaluable patients who received "the best treatment
approach," which resulted in a p value of 0.01.