Oppenheimer Reiterates Outperform Rating on Raptor Pharmaceutical on Positive Developments Supporting Their Thesis

In a report published on Wednesday, Oppenheimer analyst Boris Peaker reiterated an Outperform rating and a price target of $11 on Raptor Pharmaceutical RPTP.

In the report, Oppenheimer stated, "Raptor Pharmaceutical announced the FDA has granted orphan drug exclusivity to Procysbi. The announcement is an incremental positive, in our view, that we believe removes a concern held by some investors. For reference, orphan drug exclusivity will last seven years starting from the date Procysbi was approved, 4/30/13. We also highlight that at a recent conference presentation Raptor announced that multiple Procysbi claims have been approved without payor pushback. In our view, this is another incremental positive that shows the reimbursement process is on track."

Raptor Pharmaceutical closed on Tuesday at $8.08.