Oppenheimer Outperform on AEterna Zentaris

Oppenheimer & Co. is out with a research report on AEterna Zentaris Inc.

and it has an Outperform rating and a $5 price target on shares. In a note to clients, Oppenheimer & Co. writes, "Earlier today AEZS reported financial results for 3Q11 and provided an update on its development programs. Overall the P&L updates were immaterial, in our view, and we are revising our NPV model (page 2) due to share count growth ahead of our forecast. The company continues to advance its pipeline, with a potential NDA filing for AEZS-130 (Solorel) in adult growth hormone deficiency testing in early 2012. However, we believe that the key value driver over the next 4-6 months remains the outcome of the Phase III study of perifosine in colorectal cancer, which we anticipate in early '12. We maintain our Outperform rating and decreasing our price target from $5.50 to $5.00/share." Shares of AEZS are up 6 cents to $1.52.