FYI:
Cor Therapeutics Down 17% Following H&Q Downgrade
Dow Jones Newswires
NEW YORK -- Shares of Cor Therapeutics Inc. were off as much as 21.7% to a new 52-week low Tuesday after Hambrecht & Quist LLC, citing the slow roll-out of the company's Intergrilin drug, downgraded the stock to buy from strong buy.
The company's shares were recently down 1 1/2, or 15.8%, at 8, after having been as low as 7 7/16; the previous 52-week low, 8 7/16, was reached Aug. 27. Nasdaq volume, at more than 1.3 million shares, was four times the daily average of 332,460.
In its research note Tuesday, Hambrecht & Quist said it was lowering its projections for sales of Integrilin to $10 million from $30 million for 1998, to $91 million from $175 million for 1999 and to $195 million from $300 million for 2000.
Hambrecht & Quist also widened its loss estimate to $1.36 a share from $1.16 for 1998, and to $1.04 a share from 39 cents for 1999. It did add, though, that it still believes Integrilin "will emerge as a key therapeutic" in the management of acute coronary syndromes - it will just take longer than previously expected to grow the market.
Cor Therapeutics could not immediately be reached for comment.
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Not good.
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