) to neutral.
Analyst Mark Augustine says he's downgrading after the company reported disappointing results from Emote, a Phase III study of its oral enoximone. Along with the downgrade, he cut the price target to $17 by "probability-adjusting" downward the value of the enoximone program.
Augustine notes the study was designed to evaluate whether enoximone capsules could effectively wean patients with chronic heart failure off of i.v. intrope therapy He had expected the study to succeed in meeting its primary endpoint. Augustine maintains the $2.51 2004 loss per share estimate.