Canaccord Genuity Maintains a 'Buy' on Auxilium Pharmaceuticals (AUXL); Q1 Review; All Eyes on P3 Xiaflex Data

May 11, 2012 9:38 AM EDT Send to a Friend
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Price: $18.60 +1.53%

Rating Summary:
    13 Buy, 2 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 3 | Down: 4 | New: 7
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Canaccord Genuity maintains a 'Buy' on Auxilium Pharmaceuticals (NASDAQ: AUXL) price target of $26.00.

Analyst, Salveen Richter, said, "AUXL reported a 1Q12 top- and bottom-line beat driven by strong Testim growth and lower-than-expected R&D expense. 1Q Xiaflex U.S. revenue of $12.6M was below consensus and CGe of $13.6M due to seasonality, while Testim total revenue of $58.7M was above consensus of $54.2M and CGe of $55.3M due to growth of the TRT gel market (+32% YoY, +9% QoQ) and Testim U.S. prescriptions (+21% YoY)."

"...Overall, Street focus remains on Xiaflex P3 top-line IMPRESS data in Peyronie's expected in June. While we view a higher-than-expected placebo response and variability due to the subjective disease bother co-primary endpoint as the key risks, we believe the studies have been optimized for success. We expect AUXL shares to trade to $25+ on positive data or $mid-teens on a negative read-out."

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

Shares of Auxilium Pharmaceuticals closed at $18.18 yesterday.




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