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ViroPharma reiterated at market outperform by JMP
ViroPharma Inc. was reiterated at market outperform by JMP Securities analyst Adam Cutler on promising HCV-796 combo data. The company announced positive data from a 14-day phase 1b study of its oral polymerase inhibitor HCV-796 in combination with pegylated interferon (PEG IFN) in hepatitis C virus patients. HCV-796 in combination with PEG IFN produced a mean viral load reduction of between 3.3 and 3.5 log (99.95 percent to 99.97 percent) versus 1.7 log with PEG IFN alone. Shares of the Exton, Pa.-based pharmaceutical company were up $1.44, or 12.89%, at $12.61, on volume of 14,293,187 shares versus the three-month running average of 1,803,790 shares. (Nasdaq: VPHM)
JMP downgrades SGX to market underperform
SGX Pharmaceuticals, Inc. was downgraded to market underperform from market outperform by JMP Securities analyst Charles C. Duncan after termination of the company's Troxatyl phase 2/3 trial in third-line acute myelogenous leukemia patients. The decision to terminate was based on a review of data by an independent data and safety monitoring board. Response rates from the trial were not likely sufficient to provide adequate evidence of a meaningful treatment benefit. The analyst projects the company will end 2006 with about $35 million in cash and equivalents. JMP lowered the SGX's price target to $2.30 from $12. Shares of the San Diego-based biotherapeutics company were down $1.89, or 41.09%, at $2.71, on volume of 990,361 shares versus the three-month running average of 40,690 shares. (Nasdaq: ASGXP)
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