UPDATE: McNicoll Lewis Vlak Initiates Coronado Biosciences at Buy on Strong Scientific Backing

McNicoll Lewis Vlak initiated coverage on Coronado Biosciences

with a Buy rating and a $10 price target. McNicoll Lewis Vlak noted, "We are initiating coverage on Coronado Biosciences, Inc., with a BUY recommendation and $10.00 price target, as we view Coronado's innovative approach to modulating the immune system to be scientifically grounded and cost effective for patients managing life-long inflammatory diseases. The company acquired their lead asset, CNDO-201 in 1Q:11 and then quickly self-registered via Form 10, and emerged onto the public scene as a Phase II-ready NASDAQ listed biopharmaceutical company in 4Q:11. CNDO-201 may be ready for Phase III testing in Crohn's disease patients as early as 1Q:14, as Phase II results are expected in 2H:13. We consider the execution of Coronado's development plans to be similar to their science: innovative and determined." Coronado Biosciences closed at $5.30 on Friday.