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Bear Stearns Cuts Tanox to Peer Perform

From Standard & Poor's Equity Research

Bear Stearns downgraded Tanox (TNOX) to peer perform, noting that the Food and Drug Administration requested additional study for the company's HIV drug.

Analyst Akhtar Samad says the need for an additional dose-finding trial may delay the start of the company's Phase 3 program from the second half of 2006 into 2007, removing a major near term catalyst. And if Tanox needs multiple Phase 3 studies, delays would be greater. Although the analyst still thinks Xolair provides a floor of $15 to $16 for the stock price; removal of this near term catalyst leads to his belief that the stock will remain flat until an optimal dose is identified and TNX-355's path to the market becomes clear.

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