UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PT on Auxilium Pharmaceuticals

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on Auxilium Pharmaceuticals

, and raised its price target from $28.00 to $30.00. BofA Merrill Lynch noted, “We view the risk/reward for AUXL shares as positive, as we believe that Xiaflex has significant sales potential for Dupuytren's disease and could be a long-lived asset. Given the advantages of Xiaflex over surgery, we believe that Dupuytren's and follow-on indication Peyronie's could represent $1bn+ market opportunities with limited competition. We also like that Xiaflex is a biologic, which will reduce generic risk exposure and improve long-term revenue and earnings visibility.” Auxilium Pharmaceuticals closed on Tuesday at $26.94.