Wedbush Reiterated an Outperform on Cerulean Pharma (CERU) Following 3Q

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."

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

Shares of Cerulean Pharma closed at $3.30 yesterday.

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