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12:00 AM
Aug 18, 2008
 |  BioCentury  |  Analyst Picks & Changes

Analyst picks & changes

Analyst picks & changes

Company Bank Analyst Coverage Opinion Wk chg 8/15 cls
Altus (NASDAQ:ALTU) Leerink Joseph Schwartz Price target Market outperform -57% $2.14
Schwartz lowered his target to $7 from $10 after Altus reported data from a Phase III trial of Trizytek (formerly ALTU-135) to treat malabsorption due to exocrine pancreatic insufficiency (EPI) in cystic fibrosis (CF) patients. The study met the primary endpoint of a significant improvement in fat absorption compared with placebo, but the improvement was not as great as the company and FDA had hoped. Schwartz lowered the probability of success to 80% from 100% for the cross-linked pancreatic enzyme crystals (see Cover Story).
Arena (NASDAQ:ARNA) Lazard Matthew Osborne Price target Buy 15% $6.61
Osborne reduced his target to $10 from $11 after Arena reported 2Q08 loss per share of $0.89 that was greater than his expectations. He thinks the next catalyst will be Phase Ilb data by year end for APD125, an inverse agonist of the serotonin (5-HT2A) receptor in development for insomnia. He also noted that data from the BLOOM-DM trial of lorcaserin for obesity in diabetics will likely constitute a major amendment to the NDA filing for the serotonin (5-HT2C) receptor agonist and push back a PDUFA date. He expects the trial to complete enrollment by year end, followed by data in 2H09/1H10, an NDA submission in 2010 and...

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