MLV & Co Sees Positive Momentum Going into 2H14 for BioCryst Pharmaceuticals

In a report published Thursday, MLV & Co analyst Vernon T. Bernardino reiterated a Buy rating and $15.00 price target on

. In the report, MLV & Co noted, “BioCryst Pharmaceuticals (BCRX) reported significant progress in 2Q14 highlighted by positive results from OPuS-1 and a public offering that netted ~$107MM. Although interest for BCX4430, which has potential utility against Ebola virus disease (EVD), is increasing, we are focused on progress with BCRX's other pipeline assets as drivers of the stock. Specifically, as the OPuS-1 Ph 2a trial of BCX4161 for prophylactic treatment of HAE met all study objectives, BCRX is now poised for BCX4161's advancement into OPuS-2, a Ph 2b trial planned for YE14. We also believe the expected dilution (~19%) from raising capital in June removed an overhang on the stock, as we estimate BCRX's $133MM in cash adequate for a significant ramp in its clinical development activities in HAE beyond 2015. We believe the company's momentum going into 2H14 will be positively reflected in BCRX shares. Therefore, we maintain our BUY recommendation and $15 PT.” BioCryst Pharmaceuticals closed on Wednesday at $13.03.