UPDATE: Stifel Nicolaus Reiterates Buy Rating, Raises PT on Santarus Following GI Physician Survey

In a report published Monday, Stifel Nicolaus analyst Annabel Samimy reiterated a Buy rating on

, and raised the price target from $22.00 to $24.00. In the report, Stifel Nicolaus noted, “With Uceris (induction of remission, active mild-moderate ulcerative colitis/UC) several months into launch, we surveyed 30 gastroenterologists (May) to gauge perception, prescribing behavior, and off-label potential. Most notably, physicians are very satisfied with Uceris, ascribing high marks on efficacy/tolerability. Prescribing comfort is driven by familiarity with budesonide (from Entecort) and MMX delivery (from Lialda). Interestingly, over half surveyed indicated comfort to prescribe Uceris off-label in microscopic colitis, Crohn's with colon involvement, and UC maintenance, indicating decent upside to peak opportunity. This confirms anecdotal reports at recent conferences. Given the solid launch trajectory and untapped growth potential, we raise our long-term Uceris estimates and increase our SNTS target price to $24.” Santarus closed on Friday at $21.24.