UPDATE: Bank of America Keeps Auxilium Pharmaceuticals at Buy, Raises PO to $28 on Peyronie's Success
Bank of America reiterate its Buy rating on Auxilium Pharmaceuticals (NASDAQ: AUXL) and raises its price objective from $24 to $28.
Bank of America notes, "Based on the positive Xiaflex Phase III results for Peyronie's disease (PD), we added sales for PD to our model and are raising our DCF-based PO to $28 (from $24). We note that our Xiaflex estimates for PD are conservative relative to the theoretical market opportunity, but we believe some caution on uptake is warranted given the Dupuytren's launch experience. We are reiterating our Buy rating based on the growth potential and durability of Testim and Xiaflex, and potential for value-added business development activity."
AUXL closed at $21.91 on Monday.
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