UPDATE: Jefferies Reiterates Buy Rating, Raises PT on NPS Pharmaceuticals on Regained Product Rights

In a report published Wednesday, Jefferies analyst Eun K. Yang reiterated a Buy rating on NPS Pharmaceuticals

, and slightly raised the price target from $15.00 to $16.00. In the report, Yang noted, “NPSP now has WW rights to its two proprietary products - teduglutide and rPTH - by buying back Revestive and Natpara/Proteact from Takeda for $50M upfront in its shares (6.8% dilution). We now assume ~$150M peak EU sales for Revestive (vs. ~$300M in US Gattex sales), which we view as accretive transaction in out years. Initial Gattex prescription (72 Rx to date) is encouraging while still early.” NPS Pharmaceuticals closed on Tuesday at $9.04.