Aegis Capital Lifts PT on Oramed Pharma (ORMP) to $30 Ahead of ORMD-0801 Phase 2a Data

January 8, 2014 9:20 AM EST
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Price: $6.20 -1.43%

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    4 Buy, 0 Hold, 0 Sell

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    Up: 22 | Down: 32 | New: 34
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Aegis Capital boosts its price target on Oramed Pharmaceuticals, Inc. (Nasdaq: ORMP) from $25 to $30, while maintaining its Buy rating.

Analyst Ram Selvaraju noted that, following recent rounds of equity raising, the company has about $20 million of pro forma cash and is well-prepared to advance clinical initiatives through the end of 2015.

Selvaraju also commented that positive proof-of-concept data has been generated in animals for both ORMD-0801, its oral insulin candidate, as well as ORMD-0901, its oral exenatide drug candidate. Early-stage human data for ORMD-0801 has also been promising. He sees data from ORMD-0801 Phase 2a being released within a few weeks. The analyst said, While this trial is of too short a duration to provide a clear indication of the magnitude of efficacy, positive results in this study could pave the way for a Phase 2b trial of ORMD-0801. Positive Phase 2b data could set the scene for a transformative licensing transaction or an acquisition of Oramed by an established diabetesfocused firm like AstraZeneca, Novartis (NYSE: NVS), Novo Nordisk (NYSE: NVO), or Sanofi S.A. (NYSE: SNY).

For an analyst ratings summary and ratings history on Oramed Pharma click here. For more ratings news on Oramed Pharma click here.

Shares of Oramed Pharma closed at $18.76 yesterday, with a 52 week range of $0.31 to $19.29.

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