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Wachovia Downgrades Nabi Biopharmaceuticals

Wachovia downgraded Nabi Biopharmaceuticals (NABI) to market perform from outperform.

Analyst Martin Auster says he is downgrading Nabi on less favorable risk/reward ahead of Phase III StaphVAX trial in late third quarter to early fourth quarter. Over the next six to 12 months, he thinks Nabi stock is susceptible to trading as low as $5-$6, and as high as the low-$20s, with the outcome of Phase III StaphVAX trial being the pivotal swing factor.

Auster doesn't see a risk-reward profile that would compel him to advocate putting fresh money into Nabi at current near-$16 price. Otherwise, he retains his opinion that the StaphVAX Phase III trial is probable to succeed, though he believes moderate clinical risk exists.

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