Bear Stearns cuts Nabi to peer perform

Nabi Biopharmaceuticals was downgraded to peer perform from outperform by Bear Stearns analyst Mark Schoenebaum after the company announced its StaphVax phase 3 trial failed to show any improvement over placebo in the prevention of staph infections in dialysis patients. Additionally, Schoenebaum said the company's Nabi-HB continues to produce low margins, PhosLo revenues face generic competition and profitability for Nabi remains unclear. Shares of the Boca Raton, Fla.-based pharmaceutical company were down $0.04, or 1.10%, at $3.59 on volume of 13,380,358 shares versus the three-month running average of 1,652,150 shares.

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