Is $160 The Level To Watch At Receptos? Wedbush Thinks So

In a report published Monday, Wedbush analyst Liana Moussatos maintained an Outperform rating on Receptos Inc (NASDAQ: RCPT), following the company's investor conference call in which the management and two physicians shared data details from the Phase 2 TOUCHSTONE trial.

In the report, Wedbush noted, "Highlights included that even a more conservative adjudicated process resulted in statistical significance for the primary endpoint…Using an adjudicated central read the primary endpoint, clinical remission, was 16.4% for the high dose trx group vs. 6.2% for the placebo group ( =10.8%; p= 0.0482). Although statistically significant, some investors expressed concerns that the results were not robust enough."


Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.


ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!

"In our view, Ozanimod achieving its primary endpoint, as well as all secondary endpoints even using the more rigorous adjudicated central read increases our confidence in its efficacy and likely success in Phase 3," Moussatos wrote.

The report added, "Receptos is still assessing whether the Phase 3 trial in UC will use the central read or adjudicated central read method for data assessment -- both the company and the two physicians feel that the adjudicated read creates more hassle and cost than necessary but do not yet know what the FDA will decide for Phase 3."

The analyst reaffirmed, "We reiterate our OUTPERFORM rating and $160 acquisition value. We calculate our acquisition value by projecting our present day fair value out 12 months."


Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.


Posted In: Analyst ColorAnalyst RatingsLiana MoussatosWedbush