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UPDATE: Bank of America Downgrades BioCryst Pharmaceuticals on Valuation

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In a report published Wednesday, Bank of America analyst Steve Byrne downgraded BioCryst Pharmaceuticals (NASDAQ: BCRX) from Neutral to Underperform, but raised the price target from $2.00 to $3.00.

In the report, Bank of America noted, “We raised our PO for BCRX to $3 (from $2) on favorable phase 1 data for BCX4161 in hereditary angioedema (HAE) but lowered our rating to Underperform following the recent doubling in market cap and our cautious view of phase 1 assets. Our discussions with HAE experts indicated a significant potential for oral kallikrein blockers to improve upon current IV-based prophylaxis treatments. However, we model limited value for this product pending additional data in HAE patients. We view the key risks for ‘4161 to be a potential safety signal or inadequate efficacy in HAE patients (phase 2 starts near YE). Also, subQ formulations of IV drugs Cinryze and Berinert are in trials and could present additional competition. Potential upside could come from positive phase 2 data in 2014 or from improved dosing in one of BCRX' 2nd generation kallikrein inhibitors (‘4161 is 4 tablets 3x/day). A take-out also represents a significant upside, but unlikely in our view before phase 2 data.”

BioCryst Pharmaceuticals closed on Tuesday at $3.98.

Latest Ratings for BCRX

DateFirmActionFromTo
Nov 2019UpgradesNeutralBuy
May 2019DowngradesOutperformSector Perform
Apr 2019MaintainsEqual-WeightEqual-Weight

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Posted-In: Bank of America Steve ByrneAnalyst Color Downgrades Analyst Ratings

 

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