RBC keeps Connetics at sector perform

Connetics Corp. was maintained by RBC Capital Markets analyst Ken Trbovich at its sector perform, speculative risk rating and $17 price target. The company "significantly missed" the analyst's third-quarter total revenue and loss per share expectations due to inventory reductions. Total revenue was $19.7 million compared to RBC's estimate of $28.4 million. Adjusted loss per share was $0.65, compared to the analyst's expected loss per share of $0.52. Connetics said it will continue to write work down channel inventory from the current level of approximately 6 to 7 weeks, to 4 to 6 weeks. Shares of the Palo Alto, Calif.-based specialty pharmaceutical company were down 14 cents, or 0.82%, at $16.91. (Nasdaq: CNCT)

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