Viceroy Research issued a short report on Athenex (ATNX), saying its research found “significant causes for concern in the company’s operations, management and clinical trial design.” Oraxol is “obsolete in modern world medicine,” and Athenex “exists to abuse capital markets and enrich its management through related party transactions and licensing deals, rather than bring revolutionary drugs into the market,” the firm said in a report posted on its website. Viceroy values the stock at $2.83, or 71% downside from current share levels. Shares of Athenex are down 4c to $9.56 in morning trading.