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Pacific Growth Downgrades Corixa to 'Neutral'


Pacific Growth downgraded Corixa (CRXA) to neutral from buy.

The FDA says the company must provide additional information concerning the safety and efficacy of Baxxar, an experimental treatment for non-Hodgkin's lymphoma. Analyst Tom Dietz says Corixa and its partner, GlaxoSmithKline, have four options at this point: 1) Amend the drug application within 10 days with new data; 2) Notify the FDA within 10 days of their intent to amend application with new data; 3) Request an opportunity for hearing on whether there are grounds for denying approval of application; 4) Withdraw the application. Amid uncertainty over what the companies will do, he downgraded Corixa and suspended its financial estimates. Dietz sees Corixa's stock underperforming the market in the near term.


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