H.C. Wainwright Starts SteadyMed (STDY) at Buy; Sees High Likelihood of IPR Ruling in Favor of Company
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H.C. Wainwright initiates coverage on SteadyMed (NASDAQ: STDY) with a Buy rating and a price target of $10.00.
Analyst Andrew Fein commented, "We believe that SteadyMed and its disposable treprostinil pump offer an atypical biotech investment opportunity which leverages the recent challenges and apparent decline of the Remodulin brand (weakening sales, IP vulnerability and legal settlements). Instead of the usual clinical, regulatory and commercial hoops that a typical biotech company must typically jump through, we believe that the main wager in play is a legal one: SteadyMed’s legal challenge of a United Therapeutics’ (UTHR; Neutral rated) key treprostinil patent. Based on our deep dive into the ongoing Inter Partes Review (IPR), a relatively new and unconventional method of IP challenge, we believe that there is a high likelihood for a ruling in favor of SteadyMed by next spring, or alternatively, a possibility for a value-driving settlement and/or business development in the interim. In anticipation of such legal win on the IPR front, with company's planned approval filing via the 505(b)(2) pathway in 1Q16, and de-risked regulatory and commercial prospects, we are initiating coverage with a Buy rating and $10 price target."
Shares of SteadyMed closed at $3.90 yesterday.
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