Market Overview

UPDATE: Piper Jaffray Cuts PT to $32 on Theravance Following New Convertible Offering

Related THRX
Theravance, Inc. Appoints Theodore J. Witek, Jr. As Senior VP, Corporate Partnerships, Clinical And Medical Affairs
UPDATE: Stifel Downgrades Theravance Following Post-Split Accretion

Piper Jaffray reiterated its Overweight rating on Theravance (NASDAQ: THRX) and lowered the price target from $35.00 to $32.00.

Piper Jaffray commented, “We are reiterating our OW rating on THRX shares, but lowering our PT to $32 from $35 following a $287.5mn convertible offering. We believe current valuation assumes less than 50/50 chance of Breo getting regulatory approval by its May 12, 2013 PDUFA date and assumes additional Phase III trials are required prior to approval of Anoro (LAMA/LABA). We expect the Breo FDA panel on March 7, 2013 to pave the way for a 2013 launch and support upside to shares closer to our price target.”

Theravance closed at $21.27 on Friday.

Posted-In: Piper JaffrayAnalyst Color Price Target Intraday Update Analyst Ratings

 

Most Popular

Related Articles (THRX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free