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

Analyst picks & changes

Analyst picks & changes

Company Bank Analyst Coverage Opinion Wk chg 5/9 cls
Array BioPharma (NASDAQ:ARRY) Piper Jaffray Edward Tenthoff Price target Buy -8% $5.75
Rodman Michael King Price target Market outperform
Tenthoff lowered his target to $13 from $17 after he reduced his projected enterprise value to $595M from $795M. He blames the market for compressing the value of early stage assets. Tenthoff also lowered his FY08 revenue estimate to $28.7M from $29M.
King lowered his target to $15 from $18 to reflect additional warrants issued by the company in its $80M financing from Deerfield Management (see B19). Next quarter he expects Phase II data on ARRY-797 in dental pain and the start of a Phase II trial of the P38 mitogen-activated protein (MAP) kinase inhibitor to treat ankylosing spondylitis.
Barrier (NASDAQ:BTRX) Susquehanna Angela Larson Price target Net positive 3% $2.37
Larson lowered her target to $4 from $4.75 after the company reported lower than expected 1Q sales of Vusion for diaper dermatitis and Xolegel for seborrheic dermatitis. She believes a positive for the stock is a plan to suspend development of the "higher risk or expense programs," including Rambazole for psoriasis and Pramiconazole for fungal infections, until...

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