Jefferies Downgrades Somaxon Pharma (SOMX) to Hold

Jefferies downgraded Somaxon Pharma (NASDAQ: SOMX) from Buy to Hold with a price target of $0.50 (down from $2).

The firm comments, "Silenor 4Q revs once again missed, but didn't surprise given reduced selling efforts & lower Rx trends. Encouragingly, 2012 SG&A spend was guided way down (finally should be more aligned w/ revs), but w/ even LESS resources, it's hard for us to see '12 Silenor revs matching '11 levels. With little confidence in an inflection, we're slashing our Silenor estimates, and downgrade to HOLD."

Jefferies cut FY12 EPS from ($1.26) to ($1.27), but raised FY13 from ($0.35) to ($0.19).

For an analyst ratings summary and ratings history on Somaxon Pharma click here. For more ratings news on Somaxon Pharma click here.

Shares of Somaxon Pharma closed at $0.55 yesterday.

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