Pernix Therapeutics (PTX) PT Lowered at Needham & Company; 'Buy' Maintained

November 13, 2013 7:41 AM EST
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Price: $0.51 --0%

Rating Summary:
    8 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 1 | New: 9
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Needham & Company analyst Elliot Wilbur trimmed his price target on Pernix Therapeutics (NASDAQ: PTX) from $6 to $5 but maintained a Buy rating following Q3 results.

Wilbur weighs in: "3Q13 was productive for PTX in terms of turnaround initiatives, but was overshadowed by disappointing financials and slashing of top-line 2013 guidance. We believe the turnaround is under way, most notably balance sheet bolstering and OpEx leverage, but revenue performance remains a drag. Though we remain disappointed with short-term operating performance and expect shares to remain in the "penalty box" as a return to sustainable growth is likely several quarters away, we are content to give management a few more quarters to "right the ship" as asset value appears extremely depressed and appears to assume near worst-case scenarios across a range of performance and potentially strategic outcomes."

The firm cut FY 2013 EPS estimates from ($0.31) to ($0.38) and FY 2014 EPS from $0.32 to $0.09.

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

Shares of Pernix Therapeutics closed at $2.19 yesterday.

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