Loading...
Loading...
Bank of America lowers its price target on Underperform-rated Savient Pharmaceuticals
SVNT by 50 percent to $1 per share on lower Krystexxa forecast.
Bank of America says, "We reiterate Underperform and lower our PO from $2 to $1, driven by lower
intermediate-term sales growth expectations for SVNT's refractory gout drug Krystexxa. We are revising 12/13E EPS from ($1.37)/$0.03/$ to ($1.27)/($0.50). Our recent survey of 75 rheumatologists indicated nearly a doubling in physician use over the next year (68% up from 28% in 2011), but that the median number of patients per physician would be unchanged at ~2. We have lowered our 2012 Krystexxa sales estimate from $44mn to $37mn and see further downside risk
from high discontinuation rates."
SVNT closed at $2.10 a share on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
We simplify the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in