BMO Capital Remains on Sidelines with NPS Pharmaceutical (NPSP) Despite FDA Panel Backing

BMO Capital analyst Jim Birchenough maintains his Market Perform rating and $19 price target on NPS Pharmaceuticals Inc. (NASDAQ: NPSP) after a positive FDA panel recommendation on Friday with an 8-5 vote in favor of approval of NATPARA.

"Excluding the consumer-representative and patient advocate, the panel vote was 6-5 with at least one clinician opining that on a different day he might have voted no," Birchenough comments. "Key concerns expressed by FDA, and weighed by panel members, focused on clinical relevance of serum calcium improvement and lower Ca++ supplementation requirements, when calciuria changed only transiently for a few hours and was described as a greater risk factor for poor outcomes."

He added, "While the overall vote was positive, details of the FDA review and panel deliberation revealed less certainty on the clinical relevance of reduced Ca++ supplementation in the context of persistent urine calcium disorder. We do still believe that some risk to approval exists and expect restrictive labeling at a minimum and commercial use restricted to patients with severe disease and for relatively short periods of time."

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

Shares of NPS Pharmaceuticals Inc. closed at $32.70 yesterday.

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