CuraGen Corp. (CRGN)
NEW YORK, May 1 (newratings.com) - Analyst Debjit Chattopadhyay of Boenning and Scattergood reiterates his "market outperform" rating on CuraGen Corporation Inc (CRGN.NAS), while raising his estimates for the company. The 12-month target price is set to $6.30.
In a research note published this morning, the analyst mentions that CuraGen’s oncology pipeline is expected to offer favourable financing opportunities to the company going forward. CuraGen has reduced its SG&A and R&D expense guidance by $40 million for FY07 to reflect the sale of 454 Life Sciences and the company’s decision to limit the R&D expenses in the present clinical programme. The EPS estimates for 2007 and 2008 have been raised from -$1.25 to -$1.03 and from -$1.47 to -$1.06, respectively.