Evercore ISI Starts Theravance Biopharma (TBPH) at Buy
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Evercore ISI initiates coverage on Theravance Biopharma (NASDAQ: TBPH) with a Buy rating and a price target of $41.00.
Analyst Umer Raffat notes the key focus is around a gut-release pan-JAK inhibitor for ulcerative colitis & crohn's disease. Potential proof of concept data possible in 1H:17.
He said if
Theravance can show Xeljanz-like efficacy (despite minimal systemic exposure), this program may generate a lot of excitement.
Risk/reward on data is skewed to the upside - 2:1:
- JAK fails completely --> $18/share
- JAK makes us feel comfortable assigning at least 25% probability of success --> $46/share
- Current stock price: $28/share
Shares of Theravance Biopharma closed at $28.18 yesterday.
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