UPDATE: Cantor Fitzgerald Downgrades Pernix Therapeutics Holdings to Hold; Near-Term Appreciation Unlikely

Cantor Fitzgerald downgraded Pernix Therapeutics Holdings

from Buy to Hold and lowered the price target to $7.00. Cantor Fitzgerald analyst Irina Rivkind commented, "The company reported larger-than-expected declines in its cough/cold portfolio in spite of a strong cold/flu season (due to poor execution and a more difficult reimbursement environment). Management took down 2013 revenue guidance from a range of $135-145M to $125-135M and withdrew prior $25M EBITDA guidance. Management views 2013 as an investment phase for Pernix and is now expecting stronger performance in the 2015-2016 timeframe. The profitability outlook for this year is uncertain, in our view. We therefore see no reason to accumulate stock now and lower our rating to HOLD." Pernix Therapeutics Holdings closed at $5.49 on Monday.