BMO Sees Favorable Risk/Reward for Horizon Pharma (HZNP) Ahead of phase 3 Data for Actimmune in FA
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BMO Capital analyst Gary Nachman sees favorable risk/reward for Horizon Pharma (NASDAQ: HZNP) into Phase 3 data for Actimmune in Friedreich's Ataxia (FA).
Nachman commented, "ased on feedback from ataxia specialists that we include in the note and considering how HZNP designed the Phase 3, we continue to believe there is a 50% probability of success with the top-line data expected in late December. But given our upside/downside scenarios for how we expect the stock to trade as well as our assessment of the fundamental valuation, we continue to believe that risk/reward for owning HZNP stock into this event is favorable."
The firm maintained an Outperform rating and price target of $29 on HZNP.
Shares of Horizon Pharma closed at $21.49 yesterday.
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