Citi Downgrades Genzyme (GENZ) to Hold, Citing Lack of Visibility
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Citi downgrades Genzyme Corp (Nasdaq: GENZ) from Buy to Hold. Price target lowered from $81 to $61.
Citi analyst says, "Downgrading from Buy to Hold due to the lack of visibility of the timeline of Lumizyme's approval, a significant growth driver. Mgt reduced guidance by -$0.12 to $4.58 based on a 6-mos delay. But since the mnfg issues need to be resolved pre-approval, the delay may be even longer as FDA may need to re-inspect and there are no set PDUFA timelines. Due to lack of catalysts and lower P/E multiples in the group, we are lowering our TP to $61 from $81. We will revisit the stock once there is better clarity on timelines."
Genzyme Corporation is a biotechnology company. The Company operates in six units. Renal develops, manufactures and distributes products that treat patients suffering from renal diseases, including chronic renal failure.
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