UPDATE: JP Morgan Initiates Kythera Biopharmaceuticals at Overweight on Key Pipeline Asset

JP Morgan initiated coverage on Kythera Biopharmaceuticals

with an Overweight rating and a $30 price target. JP Morgan noted, "There are currently no approved non-surgical options for the reduction of submental (under-chin) fat and Kythera will target this market with a non-invasive injectable therapy. We see a meaningful opportunity for ATX-101 to initially target the estimated 2 million unique patients in the US who currently receive a toxin and/or dermal filler with a longer term opportunity to address the estimated 10 million individuals who would be physically and financially appropriate for the treatment. Our recent survey of 50 dermatologists and plastic surgeons confirmed a high level of interest in the product in both opportunities and also highlighted a number of off-label opportunities for ATX-101." Kythera Biopharmaceuticals closed at $22.11 on Friday.