Hapoalim Securities DowngradesAuxilium Pharmaceuticals, Inc. (AUXL)

Hapoalim Securities is downgrading shares of Auxilium Pharmaceuticals, Inc.

to a Sell from Hold, and lowering its price target to $19 from $25 after it reported Q3 earnings. In a note to clients, Hapoalim writes, "Auxilium reported 3Q10 EPS with both Xiaflex and Testim sales missing consensus estimates. The company guided to 4Q10 Xiaflex net revenue between $7.0 and 7.5 million (including $1.1 million in amortized Pfizer payments), versus our previous estimate of $12.1 million. Auxilium forecasted 4Q10 Xiaflex sales of between $7.0 and $7.5 million, implying a significant deceleration in Xiaflex's growth rate. As a result, we are lowering our Xiaflex sales estimates, which lowers our Price Target from $25 to $19. We are also lowering our rating from HOLD to SELL." Shares of AUXL are down $1.72 to $22.32, a loss of 7.1%.