Tetraphase Pharmaceuticals (TTPH) PT Lifted to $28 at Needham & Company as Core Eravacycline Phase 3 cUTI Trial Initiated

Needham & Company analyst Alan Carr reiterated a Buy rating on Tetraphase Pharmaceuticals (NASDAQ: TTPH) and boosted his price target to $28.00 (from $17.00) after the company initiated the core Phase 3 trial of IV/oral eravacycline in complicated Urinary Tract Infections (cUTI; IGNITE2).

Carr commented, "As a reminder, the company reported in early Sept 2014 top-line results from the lead-in portion of the trial. Both doses tested (200 and 250mg BID) were reportedly well tolerated and generated higher response rates than levofloxacin on FDA and EMA primary efficacy endpoints. Given both doses were essentially equivalent with respect to pharmacokinetics, efficacy, safety, and tolerability, 200mg BID oral eravacycline was selected for the core trial. Top-line results are expected mid-2015, consistent with prior guidance."

For an analyst ratings summary and ratings history on Tetraphase Pharmaceuticals click here. For more ratings news on Tetraphase Pharmaceuticals click here.

Shares of Tetraphase Pharmaceuticals closed at $22.05 yesterday.

You May Also Be Interested In

• Jefferies Downgrades ULTA Salon (ULTA) to Hold, 'Competition Intensifying & Prestige Refresh Needed'
• ABB LTD (ABBN:SW) (ABB) PT Raised to CHF38 at JPMorgan
• Needham & Company reiterates Buy rating on Amazon (AMZN), raises estimates