Jefferies Slashes Price Target On InterMune (ITMN) As Esbriet Questioned

Jefferies slashed its price target on InterMune Inc. (NASDAQ: ITMN) from $18 to $10 and reiterated their Underperform rating after Esbriet clinical benefits were questioned in Germany.

The firm comments, "While IQWiG's final assessment of Esbriet and its potential impact on pricing/reimbursement/EU sales are yet to be known, preliminary assessment reflects our long-standing cautious view on the drug/potential. Assuming average EU pricing of ~$23K in 2013 (vs. $42K previously), we are lowering PT to $10 from $18. We continue to view drug sales are driven by clear efficacy and cost/effectiveness, not by lack of alternative therapy."

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 $12.74 yesterday.

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