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UPDATE: Dawson James Initiates Astex Pharmaceuticals at Market Outperform

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Dawson James initiated coverage on Astex Pharmaceuticals (NASDAQ: ASTX) with a Market Outperform rating and a $5 price target.

Dawson James noted, "You say you would like other valuation metrics? How about $130MM in cash at the end of FY 3Q12? Financial guidance for FY12 is for $70MM in royalty revenue and is likely to be conservative. In our estimation, the 10-year Dacogen royalty revenue is worth $2.20 per share on an NPV basis alone. Finally, the company is advancing its pipeline, which includes SGI-110, a next-generation HMA with improved pharmacologic properties, and HSP90 inhibitor AT13387, both of which show promising data to date."

Astex Pharmaceuticals closed at $2.61 on Monday.

Latest Ratings for ASTX

DateFirmActionFromTo
Jul 2013Initiates Coverage onBuy
Apr 2013Initiates Coverage onOutperform
Apr 2013Initiates Coverage onMarket Outperform

View More Analyst Ratings for ASTX
View the Latest Analyst Ratings

Posted-In: Dawson JamesAnalyst Color Initiation Intraday Update Analyst Ratings

 

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