UPDATE: JMP Securities Reiterates Market Outperform Rating, Raises PT on Esperion Therapeutics on Minimal Risks

In a report published Monday, JMP Securities analyst Jason N. Butler reiterated a Market Outperform rating on

, and raised the price target from $53.00 to $75.00. In the report, JMP Securities noted, “The completion of two-year carcinogenicity studies represents a key de-risking milestone for ETC-1002; reiterate our Market Outperform rating and increase our price target from $53 to $75 on Esperion Therapeutics. In our view, there is minimal risk of negative results from the two-year carcinogenicity studies for ETC-1002. Specifically, we believe management received final reports for these studies in 4Q14 and we gain confidence from the lack of disclosure of any unexpected negative findings. We see surpassing this milestone as a key de-risking event for the development of ETC-1002 and look to additional value-driving clinical and regulatory catalysts for the drug candidate in 1H15. We believe these catalysts have the potential to further reinforce the strategic attractiveness of the asset (either in a large pharma partnership or acquisition of the company). Our $75 price target is derived from a risk-adjusted, NPV analysis of ETC-1002.” Esperion Therapeutics closed on Friday at $41.23.