BMO Capital Starts Ra Pharma (RARX) at Outperform
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BMO Capital initiates coverage on Ra Pharma (NASDAQ: RARX) with a Outperform rating and a price target of $26.00.
Analyst M. Ian Somaiya commented, " RARX offers investors de-risked access to the multi-billion-dollar complement space, which we believe ALXN has left open to competition. Ra Pharma’s lead drug, RA101495, is a peptide against complement C5. We expect convenience of a daily (potentially weekly) subcutaneous administration to enable ‘1495 to be the preferred drug in PNH patients who are experiencing breakthrough hemolysis on Alexion’s Soliris and take ~15% of refractory MG market, supporting peak sales of $2.7bn and our Outperform rating. We do not model any contribution from RARX's complement pipeline or Merck partnership."
Shares of Ra Pharma closed at $13.29 yesterday.
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