FDA Approves Krystexxa For Savient Pharmaceuticals

Savient Pharmaceuticals, Inc. SVNT has its Overweight rating reiterated by JP Morgan following the Tuesday (9/14) evening announcement that the FDA has approved Krystexxa for the treatment of gout, JP Morgan reports, and the focus is expected to turn to the company's strategies concerning the future. The company has potential patent protection through 2026 and as of 2/1/2010 the company only employs 43 people, allotting for a very lean structure, which is attractive to investors. JP Morgan has bumped the price target to $23 (from $20). JP Morgan notes that on May 6, management announced that pending the approval of Krystexxa that it intended to sell the company and that Savient would be in a very enviable position. This action remains to be implemented. Savient Pharmaceuticals, Inc. closed yesterday at $14.76.