UPDATE: Canaccord Genuity Downgrades InterMune to Hold
Canaccord Genuity reduced its rating on InterMune (NASDAQ: ITMN) from Buy to Hold and reduced its price target from $15 to $10 on Lower Esbriet EU Prospects.
Canaccord Genuity commented, "Lowering rating to HOLD, target to $11 on lower EU Esbriet (pirfenidone) sales prospects. Esbriet is ITMN's drug for idiopathic pulmonary fibrosis (IPF), an orphan lung disease. We still see good Esbriet EU potential (despite price concerns) and encouraging 2012 adoption. Our worldwide peak sales estimate is $1.97B in 2025."
InterMune closed at $9.90 on Monday.
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Tags: Canaccord Genuity