Five Prime Therapeutics (FRPX) PT Raised to $60 at Jefferies
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Jefferies analyst Eun Yang reiterated a Buy rating and raised his price target on Five Prime Therapeutics (NASDAQ: FPRX) to $60.00 (from $41.00) following Q2 results.
Yang commented, "Narrower 2Q net loss on higher revenue; estimated YE16 cash of ~$400M should fund operations into ~2019 by our est's. With ample cash, a sustainable, growing pipeline fueled by its drug discovery engine & potential from ongoing I/O partnership with BMY, we're upping PT to $60 on what we view as favorable risk/reward at current EV of ~$900M."
Shares of Five Prime Therapeutics closed at $51.59 yesterday.
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