Jefferies Maintains an 'Underperform' on Savient Pharmaceuticals (SVNT); CEO Resigns After Short Tenure

Jefferies maintains an 'Underperform' on Savient Pharmaceuticals (NASDAQ: SVNT) price target cut from $2 to $1.

Jefferies analyst says, "Departure of CEO, John Johnson, underscores a lack of clear strategy/limited Krystexxa potential. On preannounced 4Q11 Krystexxa sales of $2.8-3.0M, we do not expect Krystexxa to generate ~$50M in sales until ~2015. Lowering our PT to $1 on lowered Krystexxa sales estimates for 2012 and beyond."

For an analyst ratings summary and ratings history on Savient Pharmaceuticals click here. For more ratings news on Savient Pharmaceuticals click here.

Shares of Savient Pharmaceuticals closed at $2.26 yesterday, with a 52 week range of $2.04-$11.91.

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