Canaccord Genuity reiterates a 'Buy' on Anacor Pharma (ANAC); Good Risk/Reward Going Into Ph3 Data for Tava

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Canaccord Genuity reiterates a 'Buy' on Anacor Pharmaceuticals (NASDAQ: ANAC) price target of $9.00.

Analyst, Ritu Baral, said, "Reiterate rating and target on good risk/reward going into Ph3 data for tavaborole (tava) in onychomycosis, and Ph2 AN2728 promise in dermatology. Tavaborole is ANAC’s Ph3 topical anti-fungal for toenail fungal infection, which we think will yield positive data from the first Ph3 trian in January 2013. We also think ANAC's second ddrug candidate, AN2728, will yield positive results in its Ph2 studies in atopic dermatitis (AD) in late 2012 and through 2013."

"ANAC confident GlaxoSmithKline (NYSE: GSK) will move ‘052 forward. Data is now unblinded, and GSK is investigating the resistance incidents. ANAC notes GSK remains
committed to the program."

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 $6.07 yesterday, with a 52 week range of $3.71-$7.55.

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