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Baird Maintains an 'Outperform' on InterMune Inc. (ITMN); Incrementally Positive on Favorable Reimbursement Decision for Esbriet in Germany

March 15, 2012 11:15 AM EDT Send to a Friend
Get Alerts ITMN Hot Sheet
Price: $73.68 -0.03%

Rating Summary:
    8 Buy, 9 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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Baird maintains an 'Outperform' on InterMune Inc. (NASDAQ: ITMN) price target of $38.00.

Analyst, Thomas J. Russo, said, "The stock could trade up as much as 20+% on the decision finding that Esbriet has a benefit in mild-to-moderate IPF. G-BA's scoring of "4" for an non-quantifiable benefit supersedes and is better than the December IQWiG recommendation of "5" for no benefit and puts Esbriet back on track for more normal reimbursement negotiations. This relieves a sizable overhang and could/should return the stock to pre-December levels in our view."

"Conference call 4 p.m. EDT today. Heading in, we would not anticipate having to make any changes to our ITMN model. We'd remain buyers at least into the high teens near term, with positive bias and potentially very significant upside from there over the intermediate term if one considers the US opportunity with Phase 3 data coming mid-13."

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

Shares of InterMune Inc. closed at $14.80 yesterday.




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