Brean Capital Starts Endocyte (ECYT) at Buy

September 16, 2013 7:35 AM EDT Send to a Friend
Get Alerts ECYT Hot Sheet
Price: $6.56 -0.15%

Rating Summary:
    8 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 12 | New: 23
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Brean Capital initiates coverage on Endocyte (NASDAQ: ECYT) with a Buy rating and a price target of $21.00.

"ECYT is a development-stage biotechnology company which specializes in the discovery of small-molecule drug conjugates for the treatment of cancer and autoimmune diseases," said analyst Gene Mack. "Our target is based primarily on the discounted revenue opportunity for the company's lead product, vintafolide, in ovarian, breast and NSCLC, along with our revenue estimate for etarfolatide, the companion diagnostic ECYT is developing to screen ovarian cancer patients for vintafolide eligibility.

"We expect vintafolide to generate peak worldwide sales of $2B in 2026 in all three indications. For etarfolatide, we are projecting >$500M, with worldwide revenue from ovarian cancer contributing $70M. Sales of both vintafolide and etarfolatide in ovarian cancer alone, which is ECYT's nearest-term commercial opportunity, contributes $6 to our discounted revenue model. We see potential for additional upside from a robust pipeline, which includes most prominently EC1719, for the treatment of prostate cancer, and EC1669, which targets inflammatory diseases," he added.

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 $16.50 yesterday.


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