Wedbush Cuts Price Target on Cadence Pharma (CADX), Tweaks Estimates on OFIRMEV Vial Sales
Tweet
Share
E-mailGet Alerts CADX Hot Sheet
Price: $13.98 --0%
Rating Summary:
2 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Wedbush is reaffirming its Outperform rating on shares of Cadence Pharma (NASDAQ: CADX), but is reducing its price target from $15 to $10 due to dilution from the equity financing and a longer time to peak sales.
The firm notes that Wolters klumwer accounted for 99 percent of OFIRMEV vials sold, which entail would lead to $10.50 per vial in revenue to cadence. Wedbush forecasts OFIRMEV sales will continue to accelerate in the first half of 2012 with Wolters Kluwer showing a 20 percent growth month over month.
Following the company's equity offering of 21.8 million shares, and ending the quarter with $67.6 million in cash, the firm forecasts CADX at years end of ~$122 million in cash.
An analyst at Wedbush comments, "While we have pushed out our peak sales year to reflect a slowerthan- expected launch, we continue to believe sales will pick up in H1:12, given impressive early formulary access and as Cadence works through common hospital logistics that can take up to three months post formulary approval."
Wedbush raised its FY11 and FY12 EPS estimates from ($1.36) and ($0.62) to ($1.30) and ($0.43). Sales for the two years are forecasted to be $18.3 million and $93.6 million.
For an analyst ratings summary and ratings history on Cadence Pharma click here. For more ratings news on Cadence Pharma click here.
Shares of Cadence Pharma closed at $4.56 yesterday.
The firm notes that Wolters klumwer accounted for 99 percent of OFIRMEV vials sold, which entail would lead to $10.50 per vial in revenue to cadence. Wedbush forecasts OFIRMEV sales will continue to accelerate in the first half of 2012 with Wolters Kluwer showing a 20 percent growth month over month.
Following the company's equity offering of 21.8 million shares, and ending the quarter with $67.6 million in cash, the firm forecasts CADX at years end of ~$122 million in cash.
An analyst at Wedbush comments, "While we have pushed out our peak sales year to reflect a slowerthan- expected launch, we continue to believe sales will pick up in H1:12, given impressive early formulary access and as Cadence works through common hospital logistics that can take up to three months post formulary approval."
Wedbush raised its FY11 and FY12 EPS estimates from ($1.36) and ($0.62) to ($1.30) and ($0.43). Sales for the two years are forecasted to be $18.3 million and $93.6 million.
For an analyst ratings summary and ratings history on Cadence Pharma click here. For more ratings news on Cadence Pharma click here.
Shares of Cadence Pharma closed at $4.56 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fiserv (FISV) PT Lowered to $60 at Freedom Broker
- Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'
- Powell Industries (POWL) PT Lowered to $235 at Cantor Fitzgerald
Create E-mail Alert Related Categories
Analyst CommentsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
