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Enzon Pharmaceuticals (ENZN)

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Enzon Pharma's (ENZN) first quarter 2011 net loss of $0.07 per share was narrower than the year-ago loss of $0.20 due to substantial cost cutting by management. The discontinuation of the development of PEG-SN38 for mCRC was a major blow to Enzon, leaving it with just one clinical program in mid-stage development and all other programs in early stages of development.

Moreover, royalties from the sales of PegIntron, comprising a substantial part of revenues, have been declining. Recent FDA approval of Incivek and Victrelis can pose strong competition to PegIntron, which could further decline royalties from PegIntron sales.

We have, therefore, downgraded our rating on the stock from Neutral to Underperform. At the end of the first quarter, P/B multiple of the stock was approximately 2.1. Our price target of $9.50 corresponds to a P/B multiple of approximately 1.9.

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