Market Overview

UPDATE: Piper Jaffray Initiates Coverage on Avanir Pharmaceuticals with Overweight Rating, $6 PT

Related AVNR
Avanir Pharmaceuticals Announces FDA Acceptance Of IND For AVP-786, Used For Adjunctive Treatment Of Major Depressive Disorder
AVANIR Pharma Offers Three Presentations for AVP-825 for Acute Treatment of Migraine

In a report published Friday, Piper Jaffray & Co. initiated coverage on Avanir Pharmaceuticals (NASDAQ: AVNR) with an Overweight rating and $6.00 price target.

Piper Jaffray noted, “We are initiating on Avanir with an Overweight rating and $6 price target. Avanir develops drugs for neurological diseases with one product, Nuedexta, approved for pseudobulbar affect (PBA), marketed by possibly one of the largest institutionalized-patient-focused sales forces in the U.S. Its Nuedexta-derived pipeline should lower capital and clinical-failure risk, in our view. Nuedexta prescriptions are growing well, but poised to accelerate over 1-4 quarters with an increasingly effective institutional force and recently re-targeted retail effort. We believe the market under-appreciates Nuedexta's broad applicability that supports use in settings like MS-pain and Alzheimer's agitation, both in PhII trials that we expect to become increasingly visible on enrollment updates and data, fueling AVNR appreciation in later 2013 to 1H'14.”

Avanir Pharmaceuticals closed on Thursday at $2.89.

Posted-In: Piper Jaffray & Co.Analyst Color Initiation Analyst Ratings

 

Most Popular

Related Articles (AVNR)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters