Company

Bank

Analyst

Coverage

Opinion

Wk chg

4/13 cls

Cardiome Pharma Corp. (TSX:COM; NASDAQ:CRME)

Bloom Burton

Philippa Flint

Upgrade

Hold (from sell)

-6%

$0.59

Flint upgraded after the price fell below her $0.60 target following Cardiome's announcement last month that partner Merck & Co. Inc. (NYSE:MRK) discontinued development of the oral formulation of vernakalant for atrial fibrillation (AF) (see BioCentury, March 26). Flint sees no events that would drive value in the near-term and cautions the shares will be constrained until Cardiome unveils an attractive business strategy. She expects management to announce plans next half.

Halozyme Therapeutics Inc. (NASDAQ:HALO)

Jefferies

Eun Yang

Downgrade

Hold (from buy)

-10%

$11.27

Yang downgraded based on a "likely slow uptake" of Halozyme's three subcutaneous formulations of partnered products. Yang said a survey of

50 EU oncologists indicated adoption of Herceptin trastuzumab for HER2-positive breast cancer will likely face hurdles and uncertainty. She anticipates an EU launch for subcutaneous Herceptin in mid-2013. She also anticipates an EU launch of MabThera rituximab for lymphoma in early 2014, with a slow conversion to the subcutaneous formulation from IV MabThera. Both products are partnered with Roche (SIX:ROG; OTCQX:RHHBY). In addition, Yang noted Baxter International Inc. (NYSE:BAX) expects a "controlled" launch of HyQvia for primary immunodeficiency disorder in the U.S. in 2H12, with modest 2012 sales. HyQvia's PDUFA date is this quarter. HyQvia is a subcutaneous formulation of IV Gammagard and recombinant human PH20 hyaluronidase enzyme (rHuPH20).