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Cowen Cuts Price target on Cempra (CEMP) Following 12c EPS Beat

October 23, 2015 8:27 AM EDT
Get Alerts CEMP Hot Sheet
Price: $2.33 --0%

Rating Summary:
    1 Buy, 14 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 20 | Down: 14 | New: 22
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Cempra (NASDAQ: CEMP)
Cowen maintained an Outperform rating on Cempra, Inc. (NASDAQ: CEMP), and cut the price target to $39.00 (from $53.00), following the company's 3Q15 earnings results. CEMP announced that it will start a rolling NDA for Solithromycin Oral and IV for CABP in 4Q15. CEMP reported Q3 EPS of ($0.63) vs consensus' ($0.51).

Analyst Ritu Baral commented, "CEMP announced today it will start a rolling NDA for Solithromycin Oral and IV for CABP in 4Q15 with completion by 1H16. Mgmt reiterated strong conviction in the approvability of the NDA with a clean label, despite KOL focus on a higher than expected liver signal in Ph3 IV trial data. We are lowering our target to $39 from $53 on decreased peak share of the IV drug, and a higher discount rate."

For an analyst ratings summary and ratings history on Cempra, Inc. click here. For more ratings news on Cempra, Inc. click here.

Shares of Cempra, Inc. closed at $15.76 yesterday.



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