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

April 16, 2012 10:55 AM EDT
Get Alerts ECYT Hot Sheet
Price: $2.44 -5.06%

Rating Summary:
    8 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
Trade ECYT Now!
Join SI Premium – FREE
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.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst PT Change

Related Entities

Robert W Baird

Add Your Comment