UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Anacor Pharmaceuticals
In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Anacor Pharmaceuticals (NASDAQ: ANAC), but lowered its price target from $9.00 to $5.00.
Canaccord Genuity noted, “Maintaining BUY but lowering target to $5 from $9 as tavaborole's potential in onychomycosis becomes uncertain and AN2728 potential in AD (next data Q1/13) becomes a larger driver. Tavaborole, ANAC's Phase 3 topical antifungal for toenail fungus (onychomycosis), may be approvable, but efficacy rates lower than a competitor will likely limit market potential. We also think ANAC's second drug, AN2728, will have positive Ph2b data in atopic dermatitis (AD) in 2013. Our $5 target is based on pNPV analysis.”
Anacor Pharmaceuticals closed on Tuesday at $4.11.
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