CoLucid Pharmaceuticals (CLCD) Results Reduce Clinical and Regulatory Risk - Piper Jaffray

September 6, 2016 10:27 AM EDT
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Piper Jaffray analyst Charles C. Duncan reiterated an Overweight rating and $21 price target on CoLucid Pharmaceuticals (NASDAQ: CLCD) after the company announced a successful outcome in its first Phase III with acute migraine candidate lasmitidan. In this study (SAMURAI), both doses achieved the primary endpoint of freedom from headache pain, while also demonstrating good tolerability.

Duncan commented, "The proportion of patients achieving headache pain freedom is at least as good as our/investor expectations and, in our view, represents a clinically meaningful signal in the population studied. In addition, rates of dizziness appear lower than Phase II and there continues to be no evidence of CV risk from lasmi’, which we believe will differentiate the drug in addressing the unmet need of migraineurs with CV risk. In advance of CoLucid’s full presentation at EHMTIC, we see these results as a strong endorsement of the clinical potential of lasmi', with predictive value for its second Phase III and regulatory progreess. We overall see the results as reducing clinical and regulatory risk and reiterate OW."

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

Shares of CoLucid Pharmaceuticals closed at $10.66 yesterday.

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Piper Jaffray, Charles Duncan

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