UPDATE: Bank of America Lowers PT on Optimer Pharmaceuticals from $21 to $18

Bank of America maintained a Buy rating on Optimer Pharmaceuticals

and lowered its price target from $21 to $18. Bank of America noted, OPTR reported Q2 net Dificid revenue of $15.2mn which fell short of our $19mn estimate and consensus expectations of $17mn. The miss was driven largely by a contraction in June sales (seasonal slowdown, wholesaler inventory destocking, hospital formulary restrictions, and increased Medicare Part D coverage gap). The actual results proved to be consistent with IMS script trends (see Chart 1) which had indicated a marked slowdown in June. Optimer Pharmaceuticals closed at $13.66 on Tuesday.