UPDATE: Oppenheimer Downgrades ViroPharma to Perform

Oppenheimer has published a research report on ViroPharma VPHM and has downgraded the company from Outperform to Perform. In the report, Oppenheimer writes, "We are downgrading shares of VPHM from Outperform to Perform, based exclusively on growing uncertainty surrounding the LT prospects of VPHM's primary growth driver, Cinrzye. With Vancocin no longer a focal point, we believe VPHM shares will trade solely on Cinrzye growth prospects, which we are now calling into question. While management is claiming Cinrzye demand remains strong, with ~60 gross new pt adds in 1Q12 (implying few patient discontinuations), it is unclear to us if the sales miss is due only to drawdowns or to a slowdown in underlying demand. Although Cinrzye guidance was maintained, we believe a downward revision may occur later this year, especially on any further delays in industrial-scale manufacturing approval." Oppenheimer has removed its price target on ViroPharma, which is currently trading down $1.67 from yesterday's $21.75 closing price.