Cempra (CEMP) PT Slashed to $2 at Baird Amid CRL

Baird analyst Brian Skorney reiterated an Underperform rating and slashed his price target on Cempra, Inc. (NASDAQ: CEMP) to $2.00 (from $6.00) following the FDA CRL.

Skorney commented, "With back-to-back PDUFA dates of the 27th/28th for oral/IV formulations of solithromycin, Cempra finally announced this morning that the FDA has rejected both NDAs, not just for manufacturing issues, but also due to concerns over liver toxicity. The FDA has requested a 9,000-patient study in order to adequately characterize the risk of liver tox. The cost of such a study, combined with what would likely still be prohibitive labeling, is so burdensome, we're lowering our price target to $2/share."

For an analyst ratings summary and ratings history on Cempra, Inc. click here. For more ratings news on Cempra, Inc. click here.

Shares of Cempra, Inc. closed at $6.10 yesterday.

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