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Raymond James Cuts Impath to 'Underperform'

Raymond James downgraded Impath (IMPH) to underperform from market perform.

Analyst John Ransom says an auditing committee has started a review of Impath's historical finl results due to indications of irregularities in the valuation of receivables, and the GeneBank asset, both of which may have been overstated. Impath also announced the resignation of the vice president of finance, and the controller, suggesting a specter of some internal malfeasance.

Given Impath's already tenuous liquidity position, Ransom thinks deteriorating operating performance, along with accounting irregularities, may place Impath in violation of its debt covenants, thus bringing into question Impath's viability as a going concern.

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