Piper Jaffray Downgrades Catalyst Pharmaceutical Partners (CPRX) to Neutral

Piper Jaffray downgraded Catalyst Pharmaceutical Partners (NASDAQ: CPRX) from Overweight to Neutral with a price target of $1.00 (from $6.00) noting after a Refusal to File letter for its Firdapse NDA in February, the FDA will now require it to run a second placebo-controlled trial in LEMS, as well as additional toxicology studies.

Analyst Charles Duncan commented, "We are unclear as to the exact requirements for such a trial in LEMS, including size, timing, and cost, and we have no additional agency feedback on the second CMS indication. This is a clear negative for the program as it increases time and capital to a possible approval and first sales, and our visibility on the overall clinical and regulatory strategy is greatly reduced for both indications. Therefore we are downgrading to N and taking our PT to $1. "

For an analyst ratings summary and ratings history on Catalyst Pharmaceutical Partners click here. For more ratings news on Catalyst Pharmaceutical Partners click here.

Shares of Catalyst Pharmaceutical Partners closed at $1.24 yesterday.

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