UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Receptos Ahead of Investor Call

In a report published Monday, Credit Suisse analyst Ravi Mehrotra reiterated an Outperform rating on

, and raised the price target from $58.00 to 75.00. In the report, Credit Suisse noted, “Even further granularity of the RADIANCE PII data for RPC1063 in relapsing multiple sclerosis (RMS) were presented at the leading oral ‘Late Breaking News' presentation on Saturday, September 13, 2014 at ACTRIMS-ECTRIMS 2014. The slides from this presentation are included in this note. RCPT will hold an investor call/webcast at 8:30am ET on Monday, September 15, 2014 (US: 866-757-6808 / Int'l: 760-536-5211 / Passcode: 2249659). The granularity of the data further support our RPC1063 ‘significant differentiation thesis' and raise a super bull view of possible ultimate differentiation on superior efficacy as well as side effect profile. Accordingly, we are increasing our TP to $75 (previously $58) based on RCP1063 total franchise sales of $2.0B vs. $1.5B previously.” Receptos closed on Friday at $59.67.