Achaogen Shares Upgraded To Outperform By Wedbush Following Optimistic Survey

Wedbush's Heather Behanna upgraded Achaogen Inc AKAO to Outperform, increasing the price objective from $7.00 to $10.00.

After conducting a survey among physicians to analyze the gram-negative landscape and the "potential" for Achaogen's plazomicin, Behanna believes plazomicin had a "niche opportunity that can grow if Phase III data confirms its differentiated safety profile from the aminoglycoside class." Physicians were most interested in the differentiated safety profile of plazomicin relative to competitors, according to the analyst.

Related Link: Achaogen's Patient Enrollment In Final Stage EPIC Registration Trial Of Plazomicin Reaches 50%

"Current valuation of Achaogen, combined with near term data, a recent financing and potential upside from its pipeline suggest to us that now is a good time to consider Achaogen shares," said the analyst.

At the time of writing, Achaogen traded at $4.05, up 6.86 percent in Tuesday's pre-market session.