Leerink Partners Resumes Aquinox Pharmaceutical (AQXP) at Outperform
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Leerink Partners resumes coverage on Aquinox Pharmaceutical (NASDAQ: AQXP) with a Outperform rating and a price target of $24.00.
Analyst Paul Matteis commented, "Our OP rating on AQXP - outlined in our previously published initiation [LINK] - stems from our bullishness on both (1) the reasonable shot at success for AQX-1125 in ph3 and (2) our conviction regarding the very attractive size of the bladder pain syndrome/interstitial cystitis (BPS/IC) market. AQXP recently commenced dosing in the first of two pivotal BPS trials, which employs a primary endpoint (maximum daily pain) on which a statistically significant effect was demonstrated in a randomized, placebo-controlled phase II trial. Our $24 valuation assumes a 40% probability-of-success, similar mkt share as Janssen's elmiron, but a relatively longer AQX-1125 treatment duration given the drug's favorable tolerability profile and (potentially) superior durability of effect. We believe the latter, along with pricing, could represent meaningful upside levers in our model should AQXP's ph3 program succeed."
Shares of Aquinox Pharmaceutical closed at $14.52 yesterday.
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