Analyst Says News of FDA Panel for Salix's Relistor Could Provide 'Another Meaningful Catalyst'
With Salix Pharmaceutical's (NASDAQ: SLXP) Relistor scheduled for an FDA panel within the next three to four months, Cantor Fitzgerald's Irina Rivkind sees “another meaningful catalyst” for investors in Salix. The analyst especially liked the prospect for the panel meeting ahead of expected retreatment due from Xifaxan IBS-D near the end of 2013.
Rivkind believes the hurdle for approval of Relistor may now be “more manageable” than previously expected, even as the analyst still sees further clinical data from Salix in order to address FDA concerns related to potential heart risks.
Rivkind assured Cantor analysts she sees “no downside from current expectations.”
Cantor Fitzgerald reiterated a Buy rating and $72 price target on shares of Salix.
With Salix shares up 5 percent
SLXP shares are currently up 4.3 percent to $64.95 at last check, Rivkind's price target implies potential upside of about 11 percent.
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