Oppenheimer Maintains Perform Rating, Does Not Set PT for Auxilium Pharmaceuticals

In a quarterly update published earlier today, Oppenheimer Holdings maintained its Perform rating for Auxilium Pharmaceuticals, Inc. AUXL but did not set a price target. Oppenheimer went on to say “On 5/10, AUXL reported adj. EPS of $0.06, above our $0.03 estimate, owing to higher revenues of $73.6M (vs. our $72.1M est.) while expenses were largely in line with our expectations. We highlight that Testim revenues of $57.9M were ahead of our $53.5M estimate and consensus of $54.4M while total Xiaflex revenues of $14.9M were slightly below expectations. We continue to anticipate positive phase III data for Xiaflex in Peyronie's in June, and believe the phase III trial design is much improved over the phase IIb trial, which produced statistically significant improvement in penile curvature in Xiaflex patients that received modeling (vs. placebo patients that received modeling). We slightly adjust our estimates.” Auxilium Pharmaceuticals, Inc. closed yesterday at $17.45.