Needham & Company Downgrades Senomyx (SNMX) to Hold
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Needham & Company downgraded Senomyx (NASDAQ: SNMX) from Buy to Hold.
Analyst Serge Belanger commented, "SNMX reported 3Q16 financials that exceeded expectations on both top- and bottom-line but the main headline of the quarterly update is PepsiCo.'s (PEP; N/R) decision to not proceed with the national launch of S617-reformulated Mug Root Beer. The potential impact of the decision represented only ~$1.5MM in potential revenues, but the implications are much wider, in our view, as we believe it calls into question the commercial viability of S617. We viewed S617 as SNMX's key near-term value growth driver, as we expected PEP to launch multiple S617-formulated products across different geographies. We are downgrading to Hold given that S617-driven growth now appears unlikely and while Direct Sales is growing, we see no near-term commercial revenue inflection point on the horizon."
Shares of Senomyx closed at $2.65 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- JPMorgan Cuts Teva Pharma (TEVA) to Neutral Amid Challenging Generic Environment
- Drexel Hamilton Reiterates Buy on IBM (IBM) Following 4Q Report
- PacWest Bancorp (PACW) PT Raised to $60.50 at FIG Partners Following 4Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!