Needham & Company Maintains a 'Buy' on Pernix Therapeutics (PTX); Continues Winning Top Line Ways

Needham & Company maintains a 'Buy' on Pernix Therapeutics (NYSE: PTX) price target of $14.00.

Analyst, Elliot Wilbur, said, "PTX will continue its winning top line ways in 4Q11 with total revenue projected to come in at $21.0MM-$22.0MM vs. our $18.2MM and consensus $19.9MM. PTX also preannounced 4Q11 EPS of $0.13-$0.15, capturing the range of current projections with consensus currently at $0.14 vs. our $0.13. While the company did not provide performance statistics for its key marketed products in the quarter, clearly Cedax has outperformed with likely strong contribution from new generic initiatives. We remain big fans of Natroba, the company’s flagship entry in the lice treatment market and a best-in-class treatment in our view, though Rx trends have lagged our projections. While the underperformance is attributable to a multitude of factors, altering treatment behavior in the head lice market is not going to change overnight and the Natroba ramp will be slower than we had originally assumed. Despite the slower launch uptake, we continue to believe the product has in excess of $100.0MM peak sales potential given its favorable efficacy/safety profile relative to treatment alternatives...Lowering 4Q11 Natroba sales estimate to $2.0MM from $2.6MM. Increasing generics to $5.5MM from $3.0MM and Cedax to $2.6MM from $1.8MM."

For an analyst ratings summary and ratings history on Pernix Therapeutics click here. For more ratings news on Pernix Therapeutics click here.

Shares of Pernix Therapeutics closed at $8.82 yesterday.

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