UPDATE: Wedbush Downgrades Cubist Pharmaceuticals to Neutral, Reiterates $65 PT Following Slight Q3:13 Results Miss

In a report published Thursday, Wedbush analyst Gregory R. Wade downgraded the rating on Cubist Pharmaceuticals CBST from Outperform to Neutral, but reiterated the $65.00 price target. In the report, Wedbush noted, “Cubist reported Q3:13 financials with US CUBICIN revenues of $229.9M, slightly lower than our estimated $238M and only slightly ahead of Q2's $227M. Tightened FY:13 CUBICIN guidance of $885-$900M suggests Q4:13 sales in the range of $225.9-240.9M. CBST reiterated its guidance that the Phase III ceftolozane/tazobactam data in the cUTI setting would be announced later in November and cIAI in late December. An NDA filing is expected about 6 months following potentially positive cIAI data.” Cubist Pharmaceuticals closed on Wednesday at $63.25.