UPDATE: Wedbush Reiterates Outperform Rating, Lowers PT on Durata Therapeutics on Revised 2013 Total Expense Expectations

In a report published Friday, Wedbush analyst Gregory R. Wade reiterated an Outperform rating on Durata Therapeutics

, but lowered the price target from $26.00 to $17.00. In the report, Wade noted, “We are revising our 2013 total expense expectations to $50.4 million from $22.5 million. As a result of some delay in completing the Phase III ABSSI studies, CMC activities and the company's plans to begin additional Phase III work before YE:13, we are taking our 2013 expense expectations up. We are also taking this opportunity to factor in the $50 million financing and its impact on share count and our new projected 12-month cash estimate. We project that with the recent financing, DRTX has sufficient cash to achieve profitability. We project cash will now hit a low of $48 million in Q2:14. As a result of the increase to share count and greater anticipated 2013 loss, our 12-month price target goes to $17/share from $26/share.” Durata Therapeutics closed on Thursday at $7.25.