UPDATE: Canaccord Genuity Initiates Coverage on Regado Biosciences on Strong REG1 Potential

In a report published Monday, Canaccord Genuity analyst Ritu Baral initiated coverage on

with a Buy rating and $14.00 price target. In the report, Canaccord Genuity noted, “We see REG1 as a highly innovative new anticoagulant that could improve outcomes across a large number of CV procedures, starting with NSTEMI PCI. We think Regado's imminent Phase 3 REGULATE trial will yield top-line success in late 2015, showing REG1 to have a drug profile superior to that of comparator Angiomax. We also think REGULATE interim safety looks, the first expected in Q1/14, will be positive. We estimate peak REG1 worldwide sales of $2.5B, and our $14 target is based on a pNPV analysis of the drug's worldwide potential.” Regado Biosciences closed on Friday at $4.60.