UPDATE: Jefferies Initiates Coverage on Five Prime Therapeutics on Attractive Risk/Reward Profile

In a report published Monday, Jefferies analyst Eun K. Yang initiated coverage on

with a Buy rating and $20.00 price target. In the report, Jefferies noted, “Its proprietary protein discovery platform enables Five Prime to continue to generate new targets/new biologics in cancer and inflammatory disease. While three drug candidates are in early development, with Ph1b preliminary efficacy data from GSK-partnered lead product FP-1039 in 2H14, we view its modest current valuation offers an attractive risk/reward profile. Initiating coverage with a Buy and a $20 PT.” Five Prime Therapeutics closed on Friday at $13.19.