UPDATE: Bank of America Initiates Coverage on NPS Pharmaceuticals with Buy Rating, $46 PT as Gattex and Natpara Could Provide Meaningful Annuities

In a report published Thursday, Bank of America analyst Tazeen Ahmad initiated coverage on NPS Pharmaceuticals NPSP with a Buy rating and $46.00 price target. In the report, Bank of America noted, “We are initiating coverage of NPS Pharmaceuticals (NPSP) with a Buy rating and PO of $46. NPS focuses on rare diseases, marketing Gattex to short-bowel syndrome patients on IV nutrition. It will apply for US approval for Natpara in hypoparathyroidism (HPT) in 4Q13. The favorable safety and efficacy profiles of both drugs, lack of approved long-term therapies, and orphan status should provide the potential for meaningful annuity value from each patient who starts therapy.” NPS Pharmaceuticals closed on Wednesday at $33.39.