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Biotech / Medical : CVTX - CV Therapeutics, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: mopgcw who wrote (218)	6/14/2005 3:56:07 AM
From: mopgcw	Read Replies (1) \| Respond to of 411

Piper: CVTX :Updating Model for 1Q Results April 27, 2005 CVTX - $19.89 Outperform Volatility: Medium Updating Model for 1Q Results Thomas Wei, Senior Research Analyst Reason for Report: 212 284-9305, thomas.a.wei@pjc.com Rachel L. McMinn, Ph.D., Research Analyst 415 277-1549, rachel.l.mcminn@pjc.com Gur A. Roshwalb, M.D., Research Analyst 212-284-9314, gur.a.roshwalb@pjc.com KEY POINTS: * Revising Price Target Methodology--No Changes To Target Price. We are lowering the discount rate from 35% to 30% to reflect lower risk in achieving Ranexa commercialization, based on the recently announced positive ERICA data. Our price target remains $34, however, due to higher operating expense assumptions Rating -- Outperform Price: $19.89 52 Week High: $24.70 52 Week Low: $11.28 Price Tgt -- $34.00 Price Target: $34.00 Shares Out (mil): 35.5 Market Cap. (mil): $706.1 Avg Daily Vol (000): 1,046 Book Value/Share: $1.67 Cash Per Share: $10.98 Debt to Total Capital: 557% Div (ann): $0.00 Est LT EPS Growth: NM P/E to LT EPS Growth (FY06): NA Est Next Rep Date: 08/01/2005 Fiscal Year End: Dec INVESTMENT RECOMMENDATION: We believe that CVTX could be a breakthrough story in 2005 and remains one of our top small-cap picks. RISKS TO ACHIEVEMENT OF TARGET PRICE: Risks include but are not limited to: 1) negative outcome of Ranexa or regadenoson studies, 2) uncertainty on the commercial opportunity of Ranexa, 3) inability to expand Aceon mangaed care coverage, and 4) delay in sNDA approval for Aceon.