UPDATE: Cantor Fitzgerald Lowers PT on Ventrus Biosciences on 4Q Earnings Report

Cantor Fitzgerald analyst Adeyemi Ogunkoya published a report on Ventrus Biosciences

that maintained its Buy rating and lowered the price target from $6 to $5. Cantor Fitzgerald reported that, “The lower-than-expected spending was associated with the closure of the VEN-309 hemorrhoid program. We have updated our 2013 R&D expenses to $12.5M associated primarily with the costs for the VEN-307 Phase III trial. Management believes that 2013 R&D costs could realistically range from $9-15M (and guides to $15M in total costs in the 10-K), depending on the need to utilize more clinical sites to expedite study enrollment. Management indicated that U.S. patients are already receiving compounded diltiazem and are therefore reluctant to risk randomization to placebo in a clinical trial.” Shares of Ventrus Biosciences closed at $3.21 on Monday.