Leerink Swann Downgrades Cadence Pharma (CADX) to Market Perform
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Price: $6.97 +4.03%
Rating Summary:
6 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
6 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade CADX Now!
Leerink Swann downgraded Cadence Pharma (NASDAQ: CADX) from Outperform to Market Perform with a price target of $4.50 (from $5.00), citing valuation and IP concerns.
With shares up 60 percent in the last three months, shares are look fairly valued with less upside than other in their emerging biopharma coverage. The firm also said they've analyzed the recent Markman rulings related to the upcoming Ofirmev patent trial and are incrementally less certain of CADX's Ofirmev-related IP.
"We see little near-term upside from today's valuation until more clarity is gained through settlement of the patent dispute or a positive trial outcome," the analyst said.
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 $4.42 yesterday, with a 52 week range of $2.56-$7.78.
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With shares up 60 percent in the last three months, shares are look fairly valued with less upside than other in their emerging biopharma coverage. The firm also said they've analyzed the recent Markman rulings related to the upcoming Ofirmev patent trial and are incrementally less certain of CADX's Ofirmev-related IP.
"We see little near-term upside from today's valuation until more clarity is gained through settlement of the patent dispute or a positive trial outcome," the analyst said.
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 $4.42 yesterday, with a 52 week range of $2.56-$7.78.
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