UPDATE: JMP Securities Initiates Coverage on BIND Therapeutics on Recipe for Significant Value Creation

In a report published Tuesday, JMP Securities analyst Michael G. King initiated coverage on

with a Market Outperform rating and $30.00 price target. In the report, JMP Securities noted, “Initiating coverage of BIND Therapeutics with a Market Outperform rating and year-end 2014 price target of $30, based on the synthesis of our DCF, standardized CAGR, and comparable company valuation methodologies. BIND Therapeutics is a development-stage, oncology-focused, drug development company that is leveraging its nanomedicine platform to improve the therapeutic profile of established oncology drugs. In our view, BIND's combination of a unique and proprietary technology platform, along with a seasoned and successful management team, is a recipe for significant value creation. The company's leading oncology asset, BIND-014, is BIND's Accurin-enabled version of the blockbuster oncology drug, docetaxel (Taxotere) which, prior to patent expiration in 2010, sold $3.1 billion worldwide for Sanofi (SNY, NC). BIND recently raised $70.5MM in an IPO to fund the program through to the start of Phase III development.” BIND Therapeutics closed on Monday at $15.27.