Deutsche Bank Downgrades CV Therapeutics (CVTX) to Hold
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Deutsche Bank downgrades CV Therapeutics (Nasdaq: CVTX) from Buy to Hold.
Duetsche analyst says, "We are downgrading CVTX to Hold from Buy on Ranexa's failure to show clear efficacy as a first-line agent. Despite a safety profile showing "no adverse trend in death or arrhythmias" in Ranexa patients, lack of efficacy supporting benefit in ACS could translate to questionable utility as a persistent angina treatment. Our new $8 price target ($18 previously) is based
on $5-$6/shr of cash ($337M as of YE06 with ~$30M burn for 1Q07) and $2-$3/shr of Ranexa and Regadenoson revenues. Key upside risks include positive data at the upcoming ACS meeting (3/27) and reinvigorated Ranexa sales growth. Key downside risks include further Ranexa disappointments and
clinical/regulatory/manufacturing setbacks."
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