S&P Equity Research Downgrades Trimeris (TRMS) to Sell
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S&P Equity Research downgrades Trimeris (Nasdaq: TRMS) from Hold to Sell.
S&P analyst, J. Loo, says, "TRMS posts Q1 fuzeon sales of $17M in the U.S. and Canada, down 42% from a year ago and down 46% from Q4. Sales elsewhere of $25.7M fell 26% from a year ago and 26% from Q4. We expected competitive pressure from newly approved drugs to hurt Fuzeon sales, but we are surprised by the magnitude and rapid pace of deteriorating sales. And we do not see a significant rebound. But TRMS's largest shareholder is urging a sale, potentially providing some support for the shares, though we see limited buyers. We are cutting our target price by $5 to $3 on revised DCF analysis."
Trimeris, Inc. (Trimeris) is a biopharmaceutical company primarily engaged in the discovery, development and commercialization of a class of antiviral drug treatments called fusion inhibitors. [SM]
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