UPDATE: Canaccord Genuity Initiates Furiex Pharmaceuticals at Buy on Pipeline, Cash and Catalysts

Canaccord Genuity initiated Furiex Pharmaceuticals FURX with a Buy rating and a $45.00 price target. Canaccord Genuity noted, "We like these type of stories that include a combination of: (1) highly visible cash-based valuation upside potential; (2) sizable pipeline opportunities that we think are under-appreciated; (3) catalysts that can unlock value; and (4) a limited following that has the story off the radar of many. Our launch timing coincides with the Friday evening US approval of DPP-4 inhibitor Nesina (along with two combo drugs) by partner Takeda that we think can bring an inflection in the stock. Our $45 target implies 112% upside." Furiex Pharmaceuticals closed at $21.24 on Friday.