UPDATE: Oppenheimer Raises PT to $32 on ViroPharma
Oppenheimer maintains its Outperform rating on ViroPharma (NASDAQ: VPHM) and raises its price target $2 to $34 a share as SC Cinryze trials should commence in mid-2012.
Oppenheimer notes, "On 2/28, VPHM reported GAAP EPS of $0.65, above our $0.41 estimate owing to lower expenses and taxes as well as a lower than expected share count. We highlight that total Cinryze revenues of $66.7M were below our $71.3M estimate while Vancocin revenues of $78.7M were ahead of our $69.9M estimate. VPHM indicated that the average dose per patient has remained stable at 1.75 doses. We expect VPHM to complete the FDA's requests and anticipate manufacturing approval by late 3Q12. We highlight enrollment for SC Cinryze dose-ranging study will be complete by YE12."
VPHM closed at $32.24 a share on Tuesday.
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