UPDATE: Aegis Capital Initiates Buy On Oramed Pharmaceuticals On Drug Candidates

In a report published Tuesday, Aegis Capital analyst Raghuram Selvaraju initiated a Buy rating on Oramed Pharmaceuticals

and a price target of $25.00. In the report, Aegis Capital says "We are initiating coverage of Oramed Pharmaceuticals, Inc., with a Buy rating and a 12-month price target of $25.00 per share. Oramed is an emerging biopharmaceuticals firm in the diabetes sector, and has developed two proprietary drug candidates, both of which are risk-mitigated from a mechanistic perspective, in our view. Oramed's lead candidate, ORMD-0801, is an orally-ingestible capsule formulation of human insulin. The second candidate, ORMD-0901, is an orally-bioavailable formulation of exenatide, currently sold under the trade name Byetta by AstraZeneca (AZN/NYSE, Not Rated) and Bristol-Myers Squibb (BMY/ NYSE, Not Rated). In our view, Oramed represents an attractively valued entity in the diabetes sector and possesses the added advantage of 505(b)(2) pathway eligibility for both of its lead drug candidates. The firm also has a proprietary technology platform for enhancing the oral bioavailability of peptide- and protein-based drugs." Oramed closed on Tuesday at $8.03.