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JMP Securities Reiterates Market Outperform, $12 Target on Alexza Pharma (ALXA) After Q2

August 10, 2012 10:38 AM EDT Send to a Friend
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Price: $2.37 --0%

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    Up: 10 | Down: 6 | New: 7
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JMP Securities reiterated their Market Outperform rating and $12 price target on Alexza Pharma (NASDAQ: ALXA) following Q2 results.

Analyst Charles Duncan comments, "Alexza reported 2Q12 earnings that were roughly in line with our and the Street’s expectations following a correction for restated share counts. Importantly, the company ended the quarter with $26.4MM in cash that we expect can fund operations into 2H13. We have modeled a $5MM milestone from Grupo Ferrer in 4Q12 for approval of the Adasuve MAA. We continue to view feedback from the agencies as positive regarding the safety and efficacy of Adasuve and anticipate approval in both the U.S. and EU in December. Our $12 price target is derived through an NPV valuation of projected Adasuve sales in the U.S. and the EU through 2022, discounted at 20%.

For an analyst ratings summary and ratings history on Alexza Pharma click here. For more ratings news on Alexza Pharma click here.

Shares of Alexza Pharma closed at $2.98 yesterday.




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