Baird Downgrades Cempra, Inc. (CEMP) to Underperform; Bears Were Right
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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.
Shares of Cempra, Inc. closed at $18.65 yesterday.
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