UPDATE: Citi Lowering Price Target On Auxilium Pharmaceuticals

Citi Investment Research is out with a research report on Auxilium Pharmaceuticals Inc

and is lowering its price to $22 from $27. It has a Hold rating on shares. In a note to clients, Citi Investment Research writes, "We are decreasing our PT to $22. In our view Street expectations from Xiaflex are still too high and will need to come down. Street cons number for Xiaflex US Dupuytren's revs prior to 2Q results were $51M, $110M and $175M for Y2011-2013 respectively. We are decreasing our estimates for Y2011-2013 to $45M, $83M, and $121M from $52M, $103M and $141M respectively." Shares of AUXL are down $1.22 to $17.52.