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Sepracor at buy by Citigroup
Sepracor was reiterated at buy by Citigroup Investment Research analyst Andrew Swanson on news that the emergence of draft proposals from the durable medical equipment program safeguard contractors has put Xopenex's reimbursement status at risk. Payment for a unit dose of Xopenex would fall to 7.3 cents per milligram from $2.28 per milligram. Citigroup could assume Sepracor would ignore the Medicare channel, trimming perhaps 15% to 20% off the analyst's forecasts for Xopenex nebulizer. Citigroup lowered its Xopenex forecasts to $419 million from $542 million in 2007 and to $398 million from $569 million in 2008. The analyst also lowered its earnings forecasts to $2.60 from $3.27 in 2007 and to $3.36 from $4.05 in 2008. Shares of the Marlborough, Mass., pharmaceutical company were down $1.38, or 2.80%, at $47.91 on volume of 3,556,089 shares versus the three-month running average of 2,256,830 shares. (Nasdaq: SEPR)
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