UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Opko Health on Sufficient Cash Thru 2016

In a report published Wednesday, Jefferies analyst Eun K. Yang reiterated a Buy rating on Opko Health OPK, and slightly raised the price target from $8.00 to $9.00. In the report, Yang noted, “Estimated current cash of ~$187M including converts net proceeds in 01/13 should be sufficient thru 2016. Upcoming Ph3 data include partner Tesaro's (TSRO, $23.97, NC) rolapitant in 2H13 and OPK's CTAP101 in 1H14. Recent nephrologists discussions indicate a high bar for new SHPT drugs; our estimated ~$350M in potential CTAP101 sales in predialysis could be aggressive (70% probability assumed in valuation).” Opko Health closed on Tuesday at $7.52.