Aimmune Therapeutics (AIMT): Raising PT On Reduced Clinical Risk - Piper Jaffray
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Piper Jaffray anlayst, Charles Duncan, reiterated his Overweight rating on shares of Aimmune Therapeutics (NASDAQ: AIMT) after Aimmune announced 3Q financials, a development update, and KOL presentations took place at the ACAAI conference. The analyst also upped his PT to $40.
The company ended 3Q16 with $150M in cash, excluding the $145M raised by its Nestle collaboration that will be included on the balance sheet in 4Q16. This strengthened cash position should fund Aimmune well past Phase III PALISADE data in 4Q17 and reduce execution risk for those results and a possible 2018 BLA.
On PALISADE, the analyst is encouraged the trial significantly exceeded North America enrollment projections and drop-out appears lower than expected. This should reduce clinical risk to the trial read-out, as well as address investor concerns.
The new price target of $40 is up from $38 due to reduced clinical risk and despite dilution from the Nestle stake.
Shares of Aimmune Therapeutics closed at $26.20 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Upgrades Flowers Foods (FLO) to Hold
- MKM Partners Raises Price Target on Finisar (FNSR) to $43 Following 2Q
- Jefferies Raises Price Target on Broadcom Ltd. (AVGO) to $210 Following 4Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesPiper Jaffray, Charles Duncan
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!