Zacks Investment Research downgraded shares of Osiris Therapeutics, Inc. (OSIR) from OUTPERFORM to NEUTRAL on May 17, 2013, with a target price of $11.00.
Osiris reported a first-quarter loss of $0.08 per share, in-line with the Zacks Consensus Estimate but wider than the year-ago loss of $0.04 per share. Revenues came in at $4.2 million, above the Zacks Consensus Estimate of $4.0 million, but below the year-ago quarter revenues of $4.6 million. Stem cell therapy, Prochymal, has the potential to be a sort of wonder drug for various inflammatory or tissue damage indications. Prochymal's approval in Canada and New Zealand were major milestones for the company. Osiris is studying Prochymal for several indications carrying blockbuster potential. However, we prefer to remain on the sidelines until we gain visibility on the Prochymal commercialization process. We are, therefore, moving back to a Neutral recommendation.
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