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Biotech / Medical : Senomys(SNMX)- A Taste for Success!!!
SNMX 1.4900.0%Nov 5 4:00 PM EST
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To: caly who wrote (154)2/22/2010 11:18:33 AM
From: caly  Read Replies (1) of 192
 
Cantor Fitzgerald Downgrades Senomyx (SNMX) to Hold; Two Steps Forward, One Step Back

February 22, 2010 7:33 AM EST

Cantor Fitzgerald downgrades Senomyx Inc. (Nasdaq: SNMX) from Buy to Hold. Price target lowered from $7 to $3.

Cantor analyst says, "We had expected Senomyx to enter into additional partnerships, similar to the Firmenich agreement, that would provide upfront fees rather than diluting shareholders. We are concerned that the company did not pursue upfront cash in partnerships to bolster its balance sheet and this may signal weakness in either demand or negotiations. We think Senomyx has made significant progress over the past year towards expanding its flavor enhancer portfolio, partner product launches and improving its balance sheet with $20 million in fees from Firmenich — plus substantial SNMX price gains in parallel with this progress. That said, we think the SNMX gains, now dissipated following the company's recent secondary, will be difficult to regain over the next year. With a lack of revenue visibility and no additional paying partnerships in the near future — as suggested to us by the secondary offering, which raised less than the license fees paid by Firmenich — we expect that the 2010 potential catalysts we discussed (see "Sweet Success -- Product Launches, New Product Candidates -- BUY," January 7, 2010) could have less impact and that investors will wait until uncertainty around revenue and partner progress from key alliances like Coca Cola (NYSE: KO) become more obvious before accumulating the stock."
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