A friend of mine told me that the analyst at Summer have not spoken to the company for a long time. IMHO he just came out with a sell opinion to generated commissions now that business is so bad for these brokerage houses.
Oppenheimer has an outperform rating and a $7.00 target as of Nov 13th. This is definitely a one off. I am guessing someone got tired of waiting going into year end and the political garbage going on in the US. Doesn't help Israel is fighting with Hamas again and the recent issue with Syria. I am sure that has to be playing in here somewhere as well. Does not excuse managements silence on the subject.
From Motley Fool 11/16/2012, "Biotech M&A has risen to a 4-year high as drug manufacturers rush to find solutions to multi-billion dollar patent cliffs. AstraZeneca's decision, for example, to delay share buybacks has renewed market speculation ... Other promising developers, like PROLOR Biotech, Dendreon, and Pharmacyclics, have been rumored to be on the takeover screens of large companies. While Dendreon is focused on cancer treatments, PROLOR is developing what is expected to be the first long-acting version of hGH. An acquisition of either firms would generate meaningful revenue synergies for an acquirer promoting to to larger patient populations."