Enanta Pharma (ENTA): Next Catalyst, Potential 2017 G/P Approval, Raising PT - Baird
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Baird analyst, Brian Skorney, reiterated his Outperform rating on shares of Enanta Pharmaceuticals (NASDAQ: ENTA) and raised the price target to $27 on the potential for G/P.
Enanta reported ($0.90) in fourth fiscal-quarter EPS, beating his EPS estimate on modestly higher royalty revenue and an income tax benefit. The analyst stated "though sales of Viekira continue to remain range-bound, the story is shifting to next-gen Hep C combo, G/P. With approval expected next year, the company could see a meaningful increase in royalty revenues that may help to offset increasing burn as internal programs advance."
The price target increases to $27 from $22 based on a discounted cash flow analysis on royalties from AbbVie.
Shares of Enanta Pharmaceuticals closed at $30.07 yesterday.
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