Leerink Swann Boosts PT on Tesaro (TSRO)

April 26, 2013 12:31 PM EDT
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Price: $151.25 -3.3%

Rating Summary:
    14 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Leerink Swann reiterated their Outperform rating and raised their price target on Tesaro (NASDAQ: TSRO) from $28 to $36 following first quarter results after the close and an pipeline update.

The firm commented, "TSRO continued its aggressive clinical development of niraparib and announced plans to initiate a Phase III trial of the PARP inhibitor in breast cancer patients with germline BRCA (gBRCA) mutations in 2H:13. With data from 3 rolapitant Phase III studies for chemotherapy-induced nausea and vomiting (CINV) on track to report in 2H:13, and increasing visibility of the broader utility of PARP inhibitors
(including upcoming ASCO data), we expect continued investor interest in the coming months."

Niraparib to move into Phase III in breast cancer, potentially cementing its status as one of the lead candidates in the class," the analyst notes.

The price target hike comes as they incorporate breast cancer sales for niraparib into their model.

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

Shares of Tesaro closed at $24.40 yesterday.

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