JMP reiterates Alexza at market outperform

JMP Securities analyst Charles C. Duncan reiterated Alexza Pharmaceuticals, Inc. at market outperform. The company's revenues for the quarter came in lighter than expected at $160,000 compared to JMP's and the Street's estimates of $400,000. JMP lowered its 2006 revenue estimate to $2.8 million from $3.0 million and raised its projected net loss to $2.01 per share from $1.39. Shares of the Palo Alto, Calif., development-stage company were down 38 cents, or 4.23%, at $8.60 on volume of 5,679 shares versus the three-month running average of 61,777 shares. (Nasdaq: ALXA)

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