FBR Capital Remains Bullish on RedHill Biopharma (RDHL); Sees Potential for Progress
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- JPMorgan Raises Rating on CBOE Holdings (CBOE) to 'Overweight'; Analyst Thinks Bats Technology Will Drive Greater Trading Activity
- UPDATE: Oppenheimer Starts HubSpot Inc (HUBS) at Outperform
- UPDATE: Oppenheimer Starts Paycom Software (PAYC) at Outperform
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!