Canaccord Genuity Downgrades InterMune Inc. (ITMN) to Hold; Closer Look at Esbriet EU Launch

July 24, 2012 9:31 AM EDT Send to a Friend
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Price: $73.89 --0%

Rating Summary:
    8 Buy, 9 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 26 | New: 13
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Canaccord Genuity downgraded InterMune Inc. (NASDAQ: ITMN) from Buy to Hold with a price target of $11.00 (from $15.00).

Analyst, Ritu Baral, said, "Lowering rating, price target on lower EU Esbriet (pirfenidone) sales prospects. Esbriet is ITMN’s drug for idiopathic pulmonary fibrosis (IPF), an orphan lung disease. We still see good Esbriet EU potential (despite price concerns) and encouraging 2012 adoption. Our worldwide peak sales estimate is $1.97B in 2025."

"Q3, like Q2, likely to be weak, but patient number trends positive: logistical challenges plausible, may be addressable. We think the challenges of higher than expected patient drop-offs, legacy triple therapy patients, and IQWiG effect are all issues that ITMN may be able to address with an increased (optimized) sales/marketing push."

For an analyst ratings summary and ratings history on InterMune Inc. click here. For more ratings news on InterMune Inc. click here.

Shares of InterMune Inc. closed at $9.91 yesterday.


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