UPDATE: Bank Of America Reiterates On Dyax On Positive Competitor Data

In a report published Wednesday, Bank of America analyst Tazeen Ahmad reiterated a Buy rating on

, and raised the price target from $9.00 to $11.00. In the report, Bank of America noted, “We raised the probability of approval for DX-2930 in hereditary angioedema (HAE) prophylaxis (to 40% from 35%) and peak US penetration (to 1,800 patients from 1,600) following favorable proof of concept (POC) data from competitor Biocryst Pharma (BCRX; C-3-9; US$9.99) for BCX4161 in the same indication. We believe BCRX' validation of plasma kallikrein as a target for prevention of HAE attacks (DYAX is pursuing the same target) warrants a higher probability of approval. "In addition, if ‘4161 in certain patients requires more frequent dosing than the current four pills taken 3x/daily, DYAX's dosing profile (once or twice per month injection) should become even more attractive commercially in our view. Our model changes resulted in an increase to our PO to $11 (from $9). We maintain our Buy rating on DYAX shares.” Dyax closed on Tuesday at $8.41.