UPDATE: Wedbush Securities Initiates Coronado Biosciences at Outperform on Outlook for CNDO-201

Wedbush Securities initiated coverage on Coronado Biosciences CNDO with an Outperform rating and a $13 price target. Wedbush Securities commented, "We believe that CNDO-201 is likely to find substantial use in the 40% of patients with inflammatory bowel disease (IBD) that fail last-line TNF-alpha therapy. Moreover, given the drawbacks and growing concerns about the safety of TNF-alpha's and corticosteroids, we believe that CNDO-201, driven by superior safety and tolerability, could displace TNF-alpha therapies and be used in combination with current first-line therapies in IBD, a market worth >$4 billion." Coronado Biosciences closed at $4.79 on Wednesday.