UPDATE: Wedbush Maintains Raptor Pharmaceutical at Outperform as FDA Pushes Back PDUFA Date
Wedbush reiterated its Outperform rating and $10 price target on Raptor Pharmaceutical (NASDAQ: RPTP).
Wedbush commented, "RPTP recently announced that the FDA has pushed PROCYSBI (RP103) PDUFA date to April 30 from January 30. Importantly, FDA is not requesting additional studies or information. RP103 is also under review by the EMA, with potential approval anticipated mid-13. … Our launch expectations remain unchanged, and following a recent debt deal, the company has $50 million in cash, which is estimated to be sufficient into profitability."
Raptor Pharmaceutical closed at $5.51 on Friday.
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