UPDATE: Brean Capital Downgrades Pernix Therapeutics (PTX) to Hold
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(Updated - August 12, 2016 10:35 AM EDT)
Brean Capital downgraded Pernix Therapeutics (NASDAQ: PTX) from Buy to Hold and removed its price target. The change followed the release of Q2 results. Analyst Difei Yang said the pathway to sustainable revenue growth and profitability is unclear.
"Pernix missed on revenue yesterday, $36.8 mil vs. Street’s $40.3 mil, but approximately met consensus estimates on GAAP EPS of ($0.47). We are disappointed about the halting of progress on the sNDA of Treximet and believe the extended life would have benefited the company. Pernix sold $12.4 million during Q2, and it is possible an additional dilutive capital raise lies ahead. We will move to the sidelines and downgrade our rating to Hold from Buy," said Yang.
Shares of Pernix Therapeutics closed at $0.76 yesterday.
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