UPDATE: Goldman Sachs Group Initiates Coverage on Kythera Biopharmaceuticals with Neutral Rating, $23 PT

In a report published Monday, Goldman Sachs Group initiated coverage on Kythera Biopharmaceuticals

with a Neutral rating and $23.00 price target. Goldman Sachs noted, “We initiate coverage of Kythera Biopharmaceuticals at Neutral with a $23, 12-month price target, implying 4% upside. Kythera's story is driven by ATX-101, a first-in-class injectable product for localized fat reduction that we believe holds both a high likelihood of achieving FDA approval and significant sales potential. The product is supported by strong clinical data, addresses an unmet aesthetic need for a potentially large patient population, and presents a compelling argument for quick physician adoption. With shares up sharply since IPO (38% vs. S&P -2%), we believe the strong fundamentals are currently reflected in shares, driving our Neutral rating.” Kythera Biopharmaceuticals closed on Friday at $22.11.