Wedbush reiterated an Outperform rating on Cerulean Pharma (NASDAQ: CERU), and cut the price target to $9.00 (from $16.00), following the company's 3Q earnings report. CERU reported a net loss of $10.6M ($0.39/share), slightly above consensus of ($0.41).

Analyst David Nierengarten commented, "CERU reported a net loss of $10.6M ($0.39/share), slightly above our estimate of ($0.44) and consensus of ($0.41). The company ended the quarter with $77.6M in cash and cash equivalents, which the company believes to be sufficient to fund ongoing operations through 2017, although we incorporate a 2016 financing into our model."

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Shares of Cerulean Pharma closed at $3.30 yesterday.