UPDATE: JP Morgan Initiates Kythera Biopharmaceuticals at Overweight on Key Pipeline Asset
JP Morgan initiated coverage on Kythera Biopharmaceuticals (NASDAQ: KYTH) with an Overweight rating and a $30 price target.
JP Morgan noted, "There are currently no approved non-surgical options for the reduction of submental (under-chin) fat and Kythera will target this market with a non-invasive injectable therapy. We see a meaningful opportunity for ATX-101 to initially target the estimated 2 million unique patients in the US who currently receive a toxin and/or dermal filler with a longer term opportunity to address the estimated 10 million individuals who would be physically and financially appropriate for the treatment. Our recent survey of 50 dermatologists and plastic surgeons confirmed a high level of interest in the product in both opportunities and also highlighted a number of off-label opportunities for ATX-101."
Kythera Biopharmaceuticals closed at $22.11 on Friday.
Latest Ratings for KYTH
|Nov 2013||Empire Asset Management||Initiates Coverage on||Sell|
|Oct 2013||Bank of America||Initiates Coverage on||Buy|
|Sep 2013||Goldman Sachs||Assumes||Neutral|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.