Baird Downgrades Cempra, Inc. (CEMP) to Underperform; Bears Were Right

November 2, 2016 11:26 AM EDT
Get Alerts CEMP Hot Sheet
Price: $3.20 --0%

Rating Summary:
    2 Buy, 12 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 28 | Down: 28 | New: 23
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Baird downgraded Cempra, Inc. (NASDAQ: CEMP) from Outperform to Underperform with a price target of $6.00 (from $33.00) post FDA briefing docs

Analyst Brian Skorney commented, "The bears turned out to be right on this one and we were wrong. We stuck with the company, against our better judgment, despite head-scratching dilution, questionable commercial strategy and material manufacturing issues and we are truly sorry for not seeing this outcome sooner. Time to turn the other way on the stock. Cash is $5 per share. Look for them to burn through this over the coming quarters. We are downgrading to Underperform with a $6 price target.

For an analyst ratings summary and ratings history on Cempra, Inc. click here. For more ratings news on Cempra, Inc. click here.

Shares of Cempra, Inc. closed at $18.65 yesterday.

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