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Collins Stewart Maintains Neutral, $2 PT on Savient Pharmaceuticals

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Collins Stewart reiterates its Neutral rating and $2 target price on Savient Pharmaceuticals (NASDAQ: SVNT) as it still waits for an inflection on the company's sales base.

Collins Stewart says, "While patient referrals from the expanded physician base could lead to incremental uptake, we continue to believe significant education is also likely required to meaningfully accelerate the launch trajectory in the near-term. In addition, given management expectations of steady growth outlook vs. prior expectations of a 2Q12 inflection, we are revising our FY12 and FY13 Krystexxa estimates to $25.8M (from $39.4M) and $71.7M (from $83.1M), respectively."

SVNT closed at $2.10 yesterday.

 

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