Wedbush downgrades Durata Therapeutics to Neutral

Wedbush downgrades Durata Therapeutics (DRTX) from Outperform to Neutral with a price target of $13.00.

"With the stock nearing our $13 price target and the CBST/Hospira Paragraph IV litigation creating a heavy overhang on the future IV serious gram-positive antibiotic marketplace, we believe it is appropriate to move to the sidelines on DRTX," analyst Gregory Wade says.

"Oral arguments in the CBST/Hospira Paragraph IV litigation begin in January. We view the present litigation and potential CBST settlement or loss to Hospira as a significant overhang on the long-term value of the IV serious gram-positive antibiotic marketplace in which DRTX's dalbavancin will compete," Wade adds.

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