UPDATE: Cantor Fitzgerald Lowers PT on Pernix Therapeutics Holdings on Declining Prescription Trends

In a report published Tuesday, Cantor Fitzgerald analyst Irina Rivkind reiterated a Sell rating on

, but lowered the price target from $2.50 to $2.00. In the report, Cantor Fitzgerald noted, “We have watched Pernix's prescription trends decline over the third quarter (monthly Pernix/Cypress/Hawthorn TRxs for the July-Aug period are down 15.5% Y/Y; and Silenor TRxs declined 8.6% Y/Y; weekly September scripts show similar declines). We also confirmed with management that former CEO, Cooper Collins has recently taken charge of the sales force, which we believe is an organizational attempt to rectify the prescription decline trajectory (though management indicated otherwise). Management still points to expense reduction as a tool to restoring profitability, but that is a short-term lever without effective growth strategies, in our view. We reiterate our SELL rating and lower our PT from $2.50 to $2.00 due to increased commercial risk in the business as well as our view that sales will continue to decline (negative terminal value based on DCF analysis).” Pernix Therapeutics Holdings closed on Monday at $2.72.