UPDATE: Aegis Capital Lowers Pernix Therapeutics PT on Reduced Company Guidance
In a report published Monday, Aegis Capital analyst Raghuram Selvaraju maintained the rating of Buy, and lowered the price target on Pernix Therapeutics (NASDAQ: PTX) to $8.50.
In the report, Aegis Capital stated, "...we are updating our projections to reflect reduced company guidance for 2013. Pernix reported financial results for 1Q 2013 on May 10, 2013. The firm achieved net sales of $22.1mm in 1Q 2013, well below our projection of $31.2mm in net sales. The company's net loss per share of $0.23 for 1Q 2013 was substantially lower than our original forecast of earnings of $0.02 per diluted share. The firm indicated that total net sales for 2013 are likely to be in the $90mm - $100mm range, below the guidance range of $125mm - 135mm range originally provided."
Pernix Therapeutics closed Friday at $3.24 and is currently trading up 4.94 percent since market open.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.