Wedbush Downgrades NeurogesX, Inc. (NGSX) to Neutral; Mgmt Turnover Increases Uncertainty, Qutenza Ramp Remains Slow
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Price: $0.01 --0%
Rating Summary:
1 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush downgraded NeurogesX, Inc. (NASDAQ: NGSX) from Outperform to Neutral, price target lowered from $10 to $2.
Wedbush analyst says, "With no announcement of a replacement for retiring CEO Anthony DiTonno, scheduled to retire by YE:11, we are increasingly concerned about management continuity at NGSX. It is not inconceivable that the company will be without both a CEO and CMO at YE:11, increasing investor risk."
"Qutenza’s sales trajectory remains slower than expected. We are reducing our total annual revenue estimates to $11.5, $15.3, and $21.3 million in 2011 to 2013 (our valuation year) to reflect a slower sales ramp. Additionally, with our new estimates, we now project additional dilutive equity financings, increasing estimated share count to 45.9 million by YE:13."
For more ratings news on NeurogesX, Inc. click here and for the rating history of NeurogesX, Inc. click here.
Shares of NeurogesX, Inc. closed at $1.20 yesterday.
Wedbush analyst says, "With no announcement of a replacement for retiring CEO Anthony DiTonno, scheduled to retire by YE:11, we are increasingly concerned about management continuity at NGSX. It is not inconceivable that the company will be without both a CEO and CMO at YE:11, increasing investor risk."
"Qutenza’s sales trajectory remains slower than expected. We are reducing our total annual revenue estimates to $11.5, $15.3, and $21.3 million in 2011 to 2013 (our valuation year) to reflect a slower sales ramp. Additionally, with our new estimates, we now project additional dilutive equity financings, increasing estimated share count to 45.9 million by YE:13."
For more ratings news on NeurogesX, Inc. click here and for the rating history of NeurogesX, Inc. click here.
Shares of NeurogesX, Inc. closed at $1.20 yesterday.
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