UPDATE: Cantor Fitzgerald Lowers PT on Pernix Therapeutics Holdings as its CEO is replaced with Mike Pearce

In a report published Wednesday morning, Cantor Fitzgerald analysts reiterated a Hold rating on Pernix Therapeutics Holdings PTX while lowered their price target from $7 to $3. Analysts Irina Rivkind and Adeyemi Ogunkoya mentioned in the report, "The company may take at least a year to stabilize, in our view: The new CEO indicated that the focus for right now is on integration, cutting excess costs, and on cash generation from monetizing non-core assets. Furthermore, the company plans to look for additional deal opportunities that may be structured as partnerships and would not use up cash. Management believes that revenues will ramp back up in 2H:13 but this is predicated on commercial execution (and a strong cold/cough season, in our view). We model some improvement to gross margins over time but note that Pernix is inherently less profitable than other branded specialty pharma companies. The company plans to launch Dr. Cocoa in the 2013 2014 cold season, and management indicated that it has contracts from major retail pharmacy chains, which is somewhat encouraging." Pernix Therapeutics Holdings currently trades at $3.45.