Leerink Partners Cuts Price Target on Aegerion Pharma (AEGR) Following 1Q Miss and Guidance

Leerink Partners maintained an Outperform rating on Aegerion Pharmaceuticals (NASDAQ: AEGR), and cut the price target to $6.00 (from $15.00), following the company's 1Q earnings report. AEGR reported revenue of $36M, missing consensus estimates of $43M. Management cut FY16 guidance at the midpoint from $160-190M to $130-150M.

Analyst Joseph Schwartz commented, "Based on low Juxtapid revenue in 1Q ($36M in line w/ last week's preannouncement vs our/ consensus $44M/$43M) leading to a top- & bottom-line miss and indications of weakness going forward, mgmt. revised downward FY16 guidance by 20% at the midpoint from $160-190M to $130-150M. As a reminder, top-line FY16 guidance previously disappointed investors in January when it came in meaningfully below consensus. We are updating our model to reflect these financial results and lowering our PT to $6."

For an analyst ratings summary and ratings history on Aegerion Pharmaceuticals click here. For more ratings news on Aegerion Pharmaceuticals click here.

Shares of Aegerion Pharmaceuticals closed at $2.31 yesterday.

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