JMP reiterates SGX at underperform

SGX Pharmaceuticals, Inc. was reiterated at market underperform and $2.30 price target by JMP Securities analyst Charles C. Duncan after the company's third-quarter results beat expectations. JMP reduced its full-year 2006 total revenue estimate to $26 million, from $27.5 million. Given this quarter's performance and the newly announced discontinuation of the Troxatyl program, the analyst lowered full-year 2006 net loss projections to $1.91 per share, from $1.92. hares of the San Diego, Calif., biotechnology company were down 4 cents, or 1.54%, at $2.55. (Nasdaq: SGXP)

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