Cowen and Company Reiterates Outperform Rating on Auxilium Pharmaceuticals
In a report published Monday, Cowen and Company reiterated its Outperform rating on Auxilium Pharmaceuticals (NASDAQ: AUXL).
Cowen and Company noted, “This morning in conjunction with a competitor's conference, Auxilium disclosed 2012 full year product revenues that are within the ranges of previous guidance. This is good news, as based upon prescribing trends investors had been fearful that Testim would fall short of guidance. Moreover, it appears that Q4:12 sales of Xiaflex sales were actually quite strong. We believe AUXL shares could recover substantially assuming increased investor confidence in these franchises, and believe the stock is 50% undervalued on a SOTP basis including sales of Xiaflex in Peyronie's disease.”
Auxilium Pharmaceuticals closed on Friday at $18.49.
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