UPDATE: Piper Jaffray Initiates Coverage on Omthera Pharmaceuticals with Overweight Rating, $15 PT on Good Epanova Potential

In a report published Tuesday, Piper Jaffray analyst Edward A. Tenthoff initiated coverage on Omthera Pharmaceuticals

with an Overweight rating and $15.00 price target. In the report, Tenthoff noted, “Omthera is developing Epanova, an ultra-pure mixture of the omega-3 fish oils EPA and DHA. Omthera has completed 2 Phase III trials, ESPRIT and EVOLVE, demonstrating statistically significant reductions in triglycerides and non-HDL cholesterol. Omthera is preparing to file a New Drug Application (NDA) with the FDA this summer and Epanova could be approved in mid'14. Epanova has clear benefits over the competition including GlaxoSmithKline's blockbuster Lovaza and Amarin's (AMRN) recently-launched Vascepa. Importantly, Epanova has patent protection that runs at least through 2025. Omthera may seek a partner in order to conduct large outcome trials in order to maximize the long-term value of Epanova. We are initiating on Omthera with an Overweight rating and $15 price target.” Omthera Pharmaceuticals closed on Monday at $7.21.