Loading...
Loading...
Jefferies & Co. is out with a research report on Savient Pharma
SVNT and it is lowering its price target to $2 from $3, but is keeping its Hold rating on shares.
In a note to clients, Jefferies & Co. writes, "Narrower 3Q11 net loss of ~$27M (vs. our net loss estimate of ~$32M) on non-cash income tax benefit; Krystexxa sales of ~$1.9M lower than our/cons estimates of $2.5M/$2.8M. Cash of ~$203M at end-3Q11 should be sufficient at least for next ~2 years. Lowering PT to $2 from $3 on a higher discount rate of 14% (12% previously) due to slower sales uptake."
Shares of SVNT are off 1 cent to $3.56.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in