Needham & Company Downgrades Cempra, Inc. (CEMP) to Hold
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Needham & Company downgraded Cempra, Inc. (NASDAQ: CEMP) from Buy to Hold.
Analyst Alan Carr commented, "We are downgrading to HOLD (was BUY). We believe core asset Solithera will ultimately be approved by FDA and therefore has inherent value. However, we expect minimal stock movement up from current levels until either turnover in management and/ or regulatory approval. Given manufacturing concerns raised in Oct 2016, we believe the latter is unlikely until 2H17. Investors comfortable w/ a longer time horizon through 2H17 into 2018 may therefore benefit from owning the stock, but we also believe there is a cap to upside if current management is still in place at that time."
Shares of Cempra, Inc. closed at $6.65 yesterday.
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