Canaccord Genuity Trims PT on Anacor Pharmaceuticals (ANAC), Keeps Buy

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Canaccord Genuity lowered its price target on Anacor Pharmaceuticals (NASDAQ: ANAC) from $9 to $5 but is keeping a Buy rating following phase 3 data on Tavaborole.

The firm comments, "Maintaining BUY but lowering target to $5 from $9 as tavaborole’s potential in onychomycosis becomes uncertain and AN2728 potential in AD (next data Q1/13) becomes a larger driver. Tavaborole, ANAC’s Phase 3 topical antifungal for toenail fungus (onychomycosis), may be approvable, but efficacy rates lower than a competitor will likely limit market potential. We also think ANAC’s second drug, AN2728, will have positive Ph2b data in atopic dermatitis (AD) in 2013. Our $5 target is based on pNPV analysis."

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

Shares of Anacor Pharmaceuticals closed at $4.11 yesterday, with a 52 week range of $3.98-$7.55.

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