UPDATE: Credit Suisse Initiates Endocyte at Outperform Ahead of Catalysts

Credit Suisse initiated coverage on Endocyte, Inc. ECYT with a Outperform rating and a $16.00 price target. Credit Suisse noted, "We anticipate significant stock appreciation ahead of key events in early 2014, including a potential EU approval, pivotal Phase III data in ovarian cancer, and robust Phase II data in lung cancer. Limited catalysts in 2013 and the potential for EU regulatory delays could limit near-term upside. However, with sufficient cash, a deep-pocket partner (Merck), and multiple significant catalysts in early 2014, we believe the risk/reward is favorable." Endocyte closed at $9.32 on Monday.