UPDATE: Jefferies Raises PT to $6 on POZEN; PA32540 Partnership in 2012
Jefferies increases its price target from $4 to $6 on Hold-rated POZEN (NASDAQ: POZN) as the company expects a partnership for PA32540 in 2012.
Jefferies comments, "Reported wider 1Q12 net loss of $8.4M (vs. our net loss estimate of $7.1M) on ~in-line total revenue of $1.3M (vs. our/cons of $1.1M/$1.3M est.) and ~17% higher OpEx. Cash balance of ~$101M at end-1Q12 should be sufficient through 2014 by our estimates. NDA filing for PA32540 could be potentially delayed by ~6 months although POZN still anticipates a partnership for PA32540 by YE12."
POZN closed at $6.66 on Tuesday.
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