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UPDATE: Dawson James Initiates Astex Pharmaceuticals at Market Outperform

Dawson James initiated coverage on Astex Pharmaceuticals (NASDAQ: ASTX) with a Market Outperform rating and a $5 price target.

Dawson James noted, "You say you would like other valuation metrics? How about $130MM in cash at the end of FY 3Q12? Financial guidance for FY12 is for $70MM in royalty revenue and is likely to be conservative. In our estimation, the 10-year Dacogen royalty revenue is worth $2.20 per share on an NPV basis alone. Finally, the company is advancing its pipeline, which includes SGI-110, a next-generation HMA with improved pharmacologic properties, and HSP90 inhibitor AT13387, both of which show promising data to date."

Astex Pharmaceuticals closed at $2.61 on Monday.

Latest Ratings for ASTX

DateFirmActionFromTo
Jul 2013Brean CapitalInitiates Coverage onBuy
Apr 2013RBC CapitalInitiates Coverage onOutperform
Apr 2013JMP SecuritiesInitiates Coverage onMarket Outperform

View More Analyst Ratings for ASTX
View the Latest Analyst Ratings

Posted-In: Dawson JamesAnalyst Color Initiation Intraday Update Analyst Ratings

 

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