Baird Lifts Price Target on Endocyte (ECYT) Following Transformational Merck Deal

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Baird boosted its price target on Endocyte (NASDAQ: ECYT) to $9 following the transformational Merck co-development deal for vintafolide. However, the firm maintained their Neutral rating.

"While the fundamental uncertainties of EC145's true efficacy and the resumption/completion of the Phase III PROCEED study remain, Merck's enthusiastic validation must be seen as a huge positive," analyst Raymond Christopher stated. "With the stock almost at cash before this deal, shares are up sharply this morning - and deservedly so. From here, however, we look for meaningful clinical progress before getting more positive on the stock."

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

Shares of Endocyte closed at $3.80 yesterday, with a 52 week range of $3.02-$14.80.

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