UPDATE: Jefferies Initiates Dyax at Buy on Steady Kalbitor Growth

Jefferies initiated coverage on Dyax

with a Buy rating and a $6.00 price target. Jefferies noted, "With its wholly owned marketed orphan drug asset and a widely partnered tech platform, DYAX is an attractive small-cap biotech play. While long-term U.S. Kalbitor sales grow steadily, royalties from potential Japan Kalbitor sales and U.S. ramucirumab sales across an increasing number of cancer indications provide additional legs of growth near/mid-term, likely driving significant value not factored into the current share price." Dyax closed at $3.27 on Monday.