UPDATE: Oppenheimer Assumes Viropharma at Outperform on Expected Improvement Ahead

In a report published Friday, Oppenheimer analyst Akiva Felt assumed coverage on Viropharma VPHM with an Outperform rating and $35.00 price target.

In the report, Oppenheimer noted, “We are assuming coverage of ViroPharma and maintain our Outperform rating and $35 price target. For the most part, VPHM shares have not participated in the recent biotech rally, which we attribute to tough year/year growth comparisons due to loss of Vancocin revenues (generic launch in 2Q12) as well as concerns regarding Cinryze's long-term viability. In our view, VPHM's outlook should improve in 2H13-2014 as a result of continued Cinryze growth (lapping the comps on Vancocin) and continued news flow from the pipeline. In particular, the revitalization of Maribavir development, not widely valued by the Street, represents a call option with near-term catalyst potential.”

Viropharma closed on Thursday at $27.90.