Oppenheimer Has $17 Target On Savient Pharmaceuticals (SVNT)

Oppenheimer & Co. has a $17 price target on Savient Pharmaceuticals SVNT, after the FDA approved Krystexxa for refractory gout. It has an Outperform rating on shares. In the research note, Oppenheimer writes, "Importantly, (1) we do not expect the relatively benign REMS program to limit Krystexxa sales in any way. (2) In our view, pre-treatment and monitoring requirements listed in the Krystexxa label will not discourage physician usage. (3) Given management's decision to sell the company, as well as Krystexxa approval in hand, we look for a potential acquisition agreement in as few as 2-3 mos. (4) We believe SVNT remains on track for 4Q10 Krystexxa launch, although we note drug will likely be launched by SVNT's acquirer." Shares of SVNT lost 6 cents to close at $14.76, a loss of 0.4%. Analyze Any Stock FREE! Click Here.