Oppenheimer, BofA And Others Absolutely Love Dyax Now

Analysts at several different firms weighed in on Dyax Corp

Wednesday following the company's announcement of data from a study on DX-2930 that handily beat market expectations. The orphan drug, which was developed to treat a rare condition called hereditary angioedema (HAE), showed efficacy rates that vastly exceeded the numbers of major competitors in the space. Shares of Dyax stock spiked as much as 55 percent on Wednesday morning. Here's what some analysts had to say: Bank of America Analysts praised the efficacy and safety results for DX-2930 and project a 2018 launch and a $530 million U.S. market for the drug by 2029. Bank of America raised its approval likelihood projections for the drug from 40 percent to 65 percent and raised penetration forecasts from 45 percent to 60 percent for the U.S. and from 45 percent to 50 percent for Europe. Bank of America has a Buy rating on Dyax and raised its target for the stock from $16 to $30 following the results. Leerink Leerink analysts were also impressed by the results and adjusted projections for DX-2930 accordingly. Analysts are now forecasting a $1.3 billion gross market opportunity for the drug, up from a previous projection of only $700 million. Leerink reiterated its Market Perform rating on Dyax, but raised its target for the stock from $16 to $25. Analysts note that a potential takeout price for the company could be greater than $30 per share. Oppenheimer Oppenheimer analysts see the latest data on DX-2930 as a step toward the drug becoming the best-in-class prophylactic HAE treatment. Oppenheimer has an Outperform rating on Dyax and raised its target for the stock from $14 to $26.