JMP ups Intermune's target to $18

Intermune, Inc. was reiterated by JMP Securities analyst Adam Cutler at a market outperform rating with an increase in the price target to $18 from $17. The company reported a third-quarter loss per share of $0.51 versus JMP's estimate of $0.63 and consensus of $0.68. Lower-than-expected operating expenses drove the bottom-line upside, JMP said. Based on third-quarter results and updated guidance, JMP revised the per share loss to $2.33 from $2.54 in 2005 and $1.99 from $2.14 in 2006. Shares of the Brisbane, Calif.-based biopharmaceutical company were down $1.02, or 7.16%, at $13.22 on volume of 1,807,728 shares versus the three-month running average of 353,288 shares.

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