Rodman & Renshaw Reiterates Outperform Rating on BioCryst Pharmaceuticals
October 05, 2011 2:57 PM
Rodman & Renshaw is out with a research report this afternoon, where it reiterates its Market Outperform rating on BioCryst Pharmaceuticals (NYSE: BCRX); it has a $7.00 price target on the stock.
The R&R analysts cited the company's recent top-line results from a randomized, double-blind, dose-response Phase 2b trial evaluating BCX-4208 in patients not responding to allopurinol alone.
The study enrolled 279 patients across four BCX-4208 doses cohorts (5, 10, 20, 40 mg) and a placebo cohort. The primary endpoint was the proportion of patients with sUA<6 mg/dL at day 85 and was successfully achieved.
The addition of BCX-4208 to allopurinol was superior to placebo and allopurinol with a p-value for the overall dose-response of 0.009.
As for valuation, the analysts remarked, “Our valuation is based on a discounted 2016 earnings and revenues per share analysis. The top-line Phase 2b data further reinforce the potential for a low dose of BCX-4208 to be combined with allopurinol in patients refractory to front-line therapy with allopurinol alone.”
BioCryst Pharmaceuticals, Inc. is a biotechnology company that designs, optimizes and develops novel drugs that block enzymes involved in cancer, viral infections and autoimmune diseases.
