Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Piper Jaffray Cuts Pozen to Market Perform


Piper Jaffray downgraded Pozen (POZN) to market perform from outperform.

Yesterday the FDA issued the company a not-approvable letter concerning its new drug application for MT 100 for the acute treatment of migranes. Analyst Sandeep Bhatia says he thinks safety concerns are driving the FDA's decision. He believes the rejection is based mainly on 1) the drug missed the two-hour endpoint for superiority over a control arm on pain response in a study, (2) lack of superiority over component naproxen for sustained pain relief; (3) the carcinogenicity risk is based on a two-year rat study.

Bhatia says he had expected an approvabale letter for MT100 leading to an approval and partnership in the second half of 2004. He revised the 30 cents 2004 EPS estimate to a 35 cents loss, and trimmed the $17 target to $8.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus