FBR Capital Remains Bullish on RedHill Biopharma (RDHL); Sees Potential for Progress
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FBR Capital reiterated an Outperform rating and $36.00 price target on Redhill Biopharma (NASDAQ: RDHL). FBR believes that there are still significant milestones that could translate into catalysts for the company. An independent Data Safety and Monitoring Board (DSMB) safety assessment of RHB-104 in Phase III testing expected by year-end, as-well-as an efficacy review for stopping MAP US.
Analyst Vernon Bernardino commented, "We look for progress in RedHill Biopharma’s clinical-stage programs to continue being translated into stock appreciation. We think significant milestones remain, such as an independent Data Safety and Monitoring Board (DSMB) safety assessment of RHB-104 in Phase III testing in Crohn’s disease (the MAP US study) expected by year-end 2016 and an efficacy review for stopping MAP US early due to overwhelming efficacy expected in 2Q17, which could be positive catalysts for the stock in the next three to six months. We think the potential of these catalysts to result in stock appreciation, as well as others such as continued success expanding the worldwide market potential of RedHill’s first commercialized product, Rizaport, and progress with Yeliva in mid-stage testing in multiple oncology indications, remain under-recognized. As a result, we reiterate our Outperform rating and price target of $36/share."
Shares of Redhill Biopharma closed at $14.47 yesterday.
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