Oppenheimer Has Underperform On Cadence Pharmaceuticals

Oppenheimer & Co. has an Underpeform rating on shares of Cadence Pharmaceuticals, Inc. CADX. In a note to clients, Oppenheimer & Co. writes, "May OFIRMEV sales are tracking slightly below our expectations, and we expect this trend to continue for the remainder of 2011. Based on Wolter's Kluwer PHAST data, May sales of OFIRMEV were ~$593K, indicating cumulative sales for 2Q11 thus far of $963K. Importantly, we note that, in order to match our 2Q11 OFIRMEV sales estimate of $1.9M (vs. consensus of $1.8M) OFIRMEV sales for June would have to be ~$936K, which could prove difficult. Further, we believe 2H11 will prove to be an inflection point as we expect OFIRMEV sales to begin deviating from consensus levels at an increasing pace. We continue to believe OFIRMEV additions to hospital formularies may not directly translate into reoccurring sales." Shares of CADX are up 3 cents to $9.49.