Research analysts at Piper Jaffray cut their target price on shares of Theravance (NASDAQ: THRX)
The analysts wrote, ?We are reiterating our OW rating on THRX shares, but lowering our PT to $32 from $35 following a $287.5mn convertible offering. We believe current valuation assumes less than 50/50 chance of Breo getting regulatory approval by its May 12, 2013 PDUFA date and assumes additional Phase III trials are required prior to approval of Anoro (LAMA/LABA). We expect the Breo FDA panel on March 7, 2013 to pave the way for a 2013 launch and support upside to shares closer to our price target.? Theravance traded down 0.85% on Monday, hitting $21.09. Theravance has a 52-week low of $15.69 and a 52-week high of $31.87. The stock?s 50-day moving average is currently $21.99. The company?s market cap is $2.064 billion.
Theravance last issued its quarterly earnings data on Tuesday, October 30th. The company reported ($0.37) earnings per share for the quarter, beating the analysts? consensus estimate of ($0.39) by $0.02. The company?s revenue for the quarter was down 77.8% on a year-over-year basis. Analysts expect that Theravance will post $-0.29 EPS for the current fiscal year.
A number of other firms have also recently commented on THRX. Analysts at Sanford C. Bernstein upgraded shares of Theravance from a ?market perform? rating to an ?outperform? rating in a research note to investors on Friday. They now have a $26.00 price target on the stock. Analysts at Zacks reiterated a ?neutral? rating on shares of Theravance in a research note to investors on Friday, December 7th. They now have a $23.00 price target on the stock. Four equities research analysts have rated the stock with a buy rating, two have issued an overweight rating, one has assigned a hold rating, and one has issued a sell rating to the company. The company has a consensus rating of ?overweight? and a consensus target price of $29.60.
Theravance, Inc. (Theravance) is a biopharmaceutical company with a pipeline of internally discovered product candidates.