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Legg Mason Cuts Trimeris to 'Sell'

Legg Mason lowered Trimeris (TRMS) to sell, from hold.

Analyst Edward Nash says he was very surprised, as U.S. sales of the HIV drug Fuzeon were significantly lower than he expected. Trimeris is experiencing a convergence of many challenging issues: Salvaging a patient population that may not be as large as initially expected, physicians' hesitation to prescribe Fuzeon to patients in fear they will not be compliant, and patients' aversion to Fuzeon therapy due to its twice-daily subcutaneous dosing regimen.

Nash widened the $3.27 2003 loss per share estimate to a $3.35 loss, and widened the $1.75 2004 loss per share to a $2.21 loss. He sees the stock trading in the mid-teens over the next 12 months.

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