UPDATE: Wedbush Reiterates Outperform Rating, Raises PT on Endocyte on Significant Catalysts Ahead

In a report published Wednesday, Wedbush analyst Gregory R. Wade reiterated an Outperform rating on Endocyte

, and raised the price target from $16.00 to $20.00. In the report, Wade noted, “Endocyte is developing novel drug candidates based on its small molecule drug conjugate technology and companion imaging tests. Small molecule drug conjugate technology (SMDC) provides the backbone for all of Endocyte's drug candidates and companion imaging tests. Endocyte's lead candidates vintafolide and etarfolatide —highlight the utility of the combination of technologies, where patients with a high expression of the targeted marker (folate transporter) have improved PFS compared to those with limited receptor expression. Endocyte's initial focus is in ovarian and lung cancer, with the Phase III trial (PROCEED) ongoing in the former indication and a Phase IIB trial in the latter also ongoing, with data for both expected in H1:14. Vintafolide is partnered with Merck.” Endocyte closed on Tuesday at $10.75.