Wedbush Morgan Downgrades Inspire Pharmaceuticals (ISPH) To Buy
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Wedbush Morgan downgrades Inspire Pharmaceuticals (Nasdaq: ISPH) from Strong Buy To Buy, but maintaining its $22 fair value valuation.
Wedbush Morgan said Inspire Pharmaceuticals reported Q1 revenues and earnings below their consensus estimates due to light AzaSite sales, higher operating expenses, and a restructuring charge.
Wedbush also mentioned that the Denufosol partnership announcement delayed. Management said their was a delay in the negotiation process for an ex-North American partnership for denufosol treatment of cystic fibrosis and that an announcement is unlikely until later in 2009. Wedbush said that the anticipation of a potential partnership in Q2 led to recent strength in Inspire Pharmaceuticals stock and a delay could temper near-term investor sentiment.
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Inspire Pharmaceuticals, Inc. (Inspire) biopharmaceutical company focused on researching, developing and commercializing prescription pharmaceutical products for ophthalmic and pulmonary diseases.
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