JMP downgrades Oscient, lowers price target to $3

Oscient Pharmaceuticals Corp. was downgraded to market outperform from strong buy by JMP Securities analyst Adam Cutler, who also lowered the price target to $3 from $6 following news that the company will not likely sign a co-promotion partnership in 2005. JMP said it continues to believe the stock is undervalued, but said the company's decision pushes out profitability and raises the risk profile of the stock. Oscient is a biopharmaceutical company that markets Factive (gemifloxacin mesylate) used to treat chronic bronchitis and pneumonia. Shares of the Waltham, Mass.-based company were down $0.08, or 4.08%, at $1.88 on volume of 802,690 shares versus the three-month running average of 730,539 shares.

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