Jefferies Trims Numbers On Auxilium Pharmaceuticals (AUXL) After Weak 2Q Xiaflex Sales

Jefferies cut its price target and adjusted estimates on Auxilium Pharmaceuticals (NASDAQ: AUXL) following Q2 results, but maintained a Buy rating.

The price target goes from $38 to $32. Q3 EPS was trimmed from ($0.19) to ($0.22), while FY EPS was bettered from ($0.82) to ($0.74).

Jefferies' analyst comments, "In 2Q11, AUXL reported light Xiaflex U.S. end-user demand of $9.9m (vs. our estimate of $10.8m) and lowered guidance for 2011 to $45-50m. We continue to believe that Xiaflex adoption in Dupuytren’s is gated by reimbursement concerns rather than clinical concerns and are optimistic for acceleration in 2012."

For more ratings news on Auxilium Pharmaceuticals click here and for the rating history of Auxilium Pharmaceuticals click here.

Shares of Auxilium Pharmaceuticals closed at $17.49 yesterday.

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