Oppenheimer Q2 Review on Cadence Pharma (CADX): Supply Shortage Not Expected From Recall

August 3, 2012 1:49 PM EDT Send to a Friend
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Price: $13.98 --0%

Rating Summary:
    4 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 28 | New: 1
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Oppenheimer maintains a 'Perform' on Cadence Pharma (NASDAQ: CADX).

Analyst, Christopher Holterhoff, said, "On 8/2, CADX reported 2Q12 adj. EPS of ($0.19), above our ($0.25) estimate, as lower than expected revenues were more than offset by lower than expected operating costs. We highlight that OFIRMEV revenues grew 38% to ~$11.1M (vs. our $12.8M estimate and consensus of $10.9M) during the quarter. While OFIRMEV sales have exhibited some positive trends, we estimate these to be reflected in the current share price. We lower our 3Q12 OFIRMEV sales estimates (from $19.6M to $14.2M) on updated management guidance. Importantly, we believe the current 2013 consensus number for OFIRMEV ($97.2M), which is above our $77.2M estimate, could prove to be too aggressive."

FY12 EPS estimate raised from (0.73) to (0.57) and FY13 from (0.63) to (0.33)

For an analyst ratings summary and ratings history on Cadence Pharma click here. For more ratings news on Cadence Pharma click here.

Shares of Cadence Pharma closed at $4.07 yesterday.


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