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

November 13, 2013 7:41 AM EST Send to a Friend
Get Alerts PTX Hot Sheet
Price: $10.68 +0.56%

Rating Summary:
    6 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 12 | New: 23
Trade PTX Now!
Join SI Premium – FREE
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.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

Needham & Company

Add Your Comment