Needham & Company Maintains 'Buy' at Hyperion Therapeutics (HPTX)

Needham & Company analyst Alan Carr reiterated a Buy rating and $37 price target on Hyperion Therapeutics (NASDAQ: HPTX) after the company announced today that development of DiaPep277 has been discontinued.

Car commented, "The type 1 diabetes candidate was obtained through acquisition of Andromeda in Apr 2014. Mgmt recently determined that Andromeda employees had colluded with a biostatistics firm to obtain a favorable result for the first Phase 3 trial. Legal options are being explored. We had assigned minimal value to the program given historic challenges with immune therapy strategies in T1D and had not included DiaPep277 in our models. Nevertheless, the announcement is a disappointment and raises concerns with respect to business development strategy. We remain focused on Ravicti."

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

Shares of Hyperion Therapeutics closed at $27.64 yesterday.

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