Jefferies Cuts Target on InterMune (ITMN) Citing EU Esbriet Delays

Jefferies cut its price target on InterMune Inc. (NASDAQ: ITMN) from $10 to $9, while maintaining an Underperform rating, citing delays for EU Esbriet launch.

The firm comments, "Not encouraging SMR score of "3" (low/weak) and ASMR of "4" (minor improvement) for Esbriet in France. Moreover, France/Italy/Spain launches all delayed (likely YE12/2013 from ~2Q12); Esbriet Ph3 data for potential FDA approval also delayed to ~1H14 (from mid-2013). What matters in the end is sales; on delayed launches, smaller # of IPF pts in EU, less pricing power, we view consensus #s (Charts 1&2) need to come down significantly."

For an analyst ratings summary and ratings history on InterMune Inc. click here. For more ratings news on InterMune Inc. click here.

Shares of InterMune Inc. closed at $15.28 yesterday.

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