UPDATE: Jefferies Initiates Anthera Pharmaceuticals at Buy on Blisibimod Outlook

Jefferies initiated coverage on Anthera Pharmaceuticals

with a Buy rating and a $2.00 price target. Jefferies noted, "Despite conducting a well randomized Phase II trial, and improving its Phase III odds by identifying a more targeted lupus patient population, Anthera trades at a ~$50 million EV (v our 2023 b-mod sales est of $503M). Key interim catalysts over the next 12-18 mos may be value drivers and may provide additional evidence of efficacy in lupus, and potentially provide first data in orphan IgA nephropathy." Anthera Pharmaceuticals closed at $0.57 on Monday.