Leerink Swann Maintains an 'Outperform' on Pharmasset (VRUS); Checks Indicate Phase IIb Trial of RG7128 is Progressing Well
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Leerink Swann maintains an 'Outperform' rating on Pharmasset, Inc. (Nasdaq: VRUS), raises price target from $18 to $27.
Leerink analyst says, "Our continued checks indicate that RG7128's Phase IIb trial is progressing well. In addition, we are encouraged by the advancement of VRUS's PSI-7851 results and two purine nucleotides moving toward the clinic in 2010. Recent data on other nucleoside / nucleotide HCV polymerase inhibitors also suggest that RG7128 remains the front runner not only in clinical status but also perhaps in efficacy within this strategically important class of molecules for hepatitis C...We are increasing our 12-month valuation for Pharmasset shares to $27 from $18 to reflect an increase in the probability of clinical success for RG7128 from 35% to 50%. We reach our $27 valuation on VRUS using a multiple-to-sales analysis assuming a 12x multiple on 2015E royalties of $220M on 2015E WW sales of RG7128, discounted back 20% for 3.98 periods. The 12x multiple on royalties is in the range used for comparable biotechnology companies."
To see more analyst ratings on VRUS Click Here.
Pharmasset, Inc., a clinical-stage pharmaceutical company, focuses on discovering, developing, and commercializing drugs to treat viral infections.
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