Welford
also lowered his target to SEK20 from SEK100 after partner Teva
Pharmaceutical Industries Ltd. (NASDAQ:TEVA) said it would be "premature"
to submit an NDA at this time for laquinimod to treat relapsing-remitting
multiple sclerosis (RRMS) (see B10).  Teva, which said it will work
with FDA to design an additional trial for the quinoline-3-carboxamide
immunomodulator, had planned to submit an NDA early next year.  In August,
laquinimod missed the primary endpoint in the Phase III BRAVO trial to treat
RRMS (see BioCentury, Aug. 8). 

Flint
also lowered her target to $3.50 from $6 on news that partner Merck &
Co. Inc. (NYSE:MRK) will perform another Phase I trial of oral
vernakalant to treat atrial fibrillation and start Phase II in late 2012. 
Merck markets an IV formulation of the mixed ion channel antagonist in Europe
under the name Brinavesse. 

Sullivan
lowered his target to $32-$34 from $37-$39, saying the tool supplier "continues
to face headwinds" in its preclinical services (PCS) business.  Charles
River reported a 9% decline in 3Q11 PCS revenue, which Sullivan attributed to
continued "soft demand" from large pharma clients and bookings
heavily weighted towards short-term and less complex studies.  Sullivan also
noted the company plans to reduce headcount by about 2% this quarter, mainly
in the PCS segment.  He estimates an annual cost savings of about $7.5M (see
"EPS Watch," A17). 

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