Rodman & Renshaw Maintains Outperform, $10 PT on SciClone Pharmaceuticals

In an earnings update note, Rodman & Renshaw reiterates its Market Outperform/Speculative Risk rating and $10 12-month price target on SciClone Pharmaceuticals, Inc.

as the company expands its sales force and posts solid revenues. According to Rodman & Renshaw, “For 3Q11, SciClone reported a net income of $10.2 MM or $0.17 per diluted share, in line with our net income estimate of $10.3 MM or $0.17 per diluted share. On a non-GAAP basis, the company reported a net income of $9.8 MM, which excludes certain one time charges. Revenues for 3Q11 were $37.4 MM, lower than our estimate of $39.0 MM. SciClone concluded 3Q11 with approximately $45 MM in cash, sufficient to fund operations for the foreseeable future, in our opinion. During the 3Q11 call, management reiterated the 2011 revenue guidance of $133 - $138 MM, and the expected non-GAAP earnings per share estimate between $0.52 and $0.57.” SCLN traded at $4.40 per share at close on Friday.