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UPDATE: Wedbush Downgrades Cubist Pharmaceuticals Following Slight Q3:13 Results Miss

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In a report published Thursday, Wedbush analyst Gregory R. Wade downgraded the rating on Cubist Pharmaceuticals (NASDAQ: CBST) from Outperform to Neutral, but reiterated the $65.00 price target.

In the report, Wedbush noted, “Cubist reported Q3:13 financials with US CUBICIN revenues of $229.9M, slightly lower than our estimated $238M and only slightly ahead of Q2's $227M. Tightened FY:13 CUBICIN guidance of $885-$900M suggests Q4:13 sales in the range of $225.9-240.9M. CBST reiterated its guidance that the Phase III ceftolozane/tazobactam data in the cUTI setting would be announced later in November and cIAI in late December. An NDA filing is expected about 6 months following potentially positive cIAI data.”

Cubist Pharmaceuticals closed on Wednesday at $63.25.

Latest Ratings for CBST

Dec 2014UBSDowngradesBuyNeutral
Dec 2014RBC CapitalDowngradesOutperformSector Perform
Dec 2014JefferiesDowngradesBuyHold

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Posted-In: Gregory R. Wade WedbushAnalyst Color Downgrades Analyst Ratings


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