UPDATE: Brean Capital Downgrades Pernix Therapeutics (PTX) to Hold
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
(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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
- Jefferies Raises Price Target on Zumiez, Inc. (ZUMZ) to $23 Following 3Q
- Dougherty & Co Starts Quality Systems (QSII) at Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesBrean Capital
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!