12:00 AM
Apr 21, 2008
 |  BioCentury  |  Analyst Picks & Changes

Analyst picks & changes

Analyst picks & changes

Company Bank Analyst Coverage Opinion Wk chg 4/18 cls
Affymetrix (NASDAQ:AFFX) Leerink John Sullivan Downgrade Market perform (from market outperform) $11.16 -32%
Sullivan lowered his target to $12-$13 from $19-$22 and lowered his FY08 and FY09 revenue estimates to $394.8M from $422.7M and to $420.9M from $464.4M, respectively. He also lowered his FY08 and FY09 EPS estimates to $0.43 from $0.54 and to $0.63 from $0.73, respectively. He downgraded and lowered his estimates after Affymetrix reduced its FY08 revenue estimate to $490-$510M from $505-$525M.
AMAG Pharma (NASDAQ: AMAG) Summer Street Carol Werther Upgrade Buy (from neutral) $36.40 -3%
Werther set a $62 target. She expects ferumoxytol, under review by FDA to treat iron deficiency anemia in patients with chronic kidney disease (CKD), to receive approval in October and to reach peak sales of $340M in 2012. She believes the agency's rejection of competitor Injectafer ferric carboxymaltose in February was product specific. Injectafer is being developed by the Luitpold Pharmaceuticals unit of Daiichi Sankyo (Tokyo:4568; Osaka:4568).
ArQule (NASDAQ:ARQL) Oppenheimer Bret Holley Price target Market outperform $3.75 -3%
Holley lowered his target to $10 from $12 after the company confirmed that ARQ 171 led to QTc prolongation and halted development of the second-generation compound that selectively targets cancer cells through activation of E2F1-mediated checkpoint pathways (see BioCentury, April 14). ARQ 171 is partnered with Roche (SWX:ROG).
Avant (NASDAQ:AVAN) Needham Mark Monane Price target Buy $10.22 -2%

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