UPDATE: Wedbush Initiates Coverage on Receptos with Outperform Rating, $23 PT on Multiple Positive Factors

In a report published Monday, Wedbush analyst Liana Moussatos initiated coverage on

with an Outperform rating and $23.00 price target. In the report, Wedbush noted, “Receptos is an emerging pharmaceutical company developing potential blockbuster treatments for two large markets and a rare disease related to immune system disorders. The company has two clinical candidates, RPC1063 and RPC4046. RPC1063 is being tested as a potential best-in-class treatment for relapsing multiple sclerosis (RMS) and a potential first-in-class treatment for inflammatory bowel disease (IBD). RPC4046 being tested as a first-in-class treatment for a rare disease called Eosinophilic Esophagitis (EoE).” Receptos closed on Friday at $15.87.