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Goldman Sachs Lowers Medicis Pharmaceutical (MRX) Price Target

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Goldman Sachs analysts Randall Stanicky, Gregory Waterman and Stephan Stewart maintained their Neutral rating for shares of Medicis Pharmaceutical Corp (NYSE: MRX) and lowered the price target to $27 per share, down from the previous price target of$28.

The analysts said that an informal poll of key opinion leaders showed that it was highly likely that Medicis Pharmaceutical Corp's LipoSonix would be approved.

The analysts changed their Medicis Pharmaceutical Corp EPS estimates for the years 2010 to 2013 to $2.08, $2.12, $1.79, and $1.91, respectively, from the previous EPS estimates of $2.08, $2.18, $1.88, $2.04.

The Goldman Sachs analysts wrote, "while the meeting left us more confident in the market potential of non-invasive body contouring and LipoSonix specifically, we remain cautious near-term given regulatory uncertainty and have reduced our estimates to more appropriately reflect this risk. The primary change is timing, where we have shifted back our launch assumption to 2H2011 to both capture the risk of having to re-file as a PMA and to capture more general risks related to the FDA review process. Given that FDA hurdles continue to rise, delays are now more and more frequent, and this particular opportunity represents a new area of development, we believe appropriate caution is warranted. We have also slightly reduced our risk adjustment to 75% from 80% to reflect these aspects of uncertainty."

Posted-In: Goldman Sachs Gregory Waterman Randall Stanicky Stephan StewartAnalyst Color Price Target Analyst Ratings

 

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