Market Overview

UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Anacor Pharmaceuticals

Related ANAC
Stocks Hitting 52-Week Highs
Anacor Pharmaceuticals, Inc. Announces Proposed Offering of $70M Of Convertible Senior Notes Due 2021

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.

Latest Ratings for ANAC

Dec 2014Goldman SachsInitiates Coverage onNeutral
Aug 2014JefferiesMaintainsBuy
Apr 2014JefferiesInitiates Coverage onBuy

View More Analyst Ratings for ANAC
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Price Target Analyst Ratings


Related Articles (ANAC)

Around the Web, We're Loving...

Get Benzinga's Newsletters