Oppenheimer Maintains an 'Outperform' on Curis (CRIS); Good Q2, Now Milestones Become Focus

August 3, 2012 2:06 PM EDT
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Price: $2.60 --0%

Rating Summary:
    13 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 1
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Oppenheimer maintains an 'Outperform' on Curis (NASDAQ: CRIS) price target of $5.50.

Analyst, Boris Peaker, said, "Curis reported 2Q12 results consistent with expectations and inclusive of the previously announced milestone. Erivedge revenues/royalties were roughly flat with 1Q, as stocking likely worked through the system. We maintain our recently revised Erivedge ramp expectations and caution that while we are bullish on the long-term outlook for the drug, near-term growth could remain lumpy as docs gain comfort. In 2H12/1H13 the primary catalysts for Curis are milestone-driven. We highlight the potential for Erivedge approval in the EU in late-'12/early-'13 and Australian approval in 1H13. Results are also expected from the CUDC-101 study in head and neck cancer and Erivedge operable BCC."

FY13 EPS estimate lowered from (0.25) to (0.26)

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

Shares of Curis closed at $4.63 yesterday.

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