Oppenheimer Raises Target on Cubist Pharmaceuticals (CBST) On Advancing Pipeline, Cubicin Growth Trajectory

October 17, 2012 8:42 AM EDT Send to a Friend
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Price: $98.67 +0.92%

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Oppenheimer lifted its price target on Outperform-rated Cubist Pharmaceuticals (NASDAQ: CBST) from $49 to $55.

The firm comments, "We are increasing our price target on shares of CBST from $49 to $55, on a maturing late-stage pipeline and better than expected Cubicin sales growth trajectory. Specifically, we take this opportunity to add revenue from OIC candidate, CB-5945, to our estimates beginning in 2016, which results in an additional $4/share in valuation. Separately, based on script data, Cubicin sales are trending ahead of our expectations for 3Q12. We believe it is likely that management raises 2012 Cubicin sales guidance on the 3Q12 conference call on 10/18 (dial-in: (855) 319-7654, pw: 13972921). Since the longer-term Cubicin sales trajectory appears ahead of our prior estimates, we increase our sales estimates and estimation of value for Cubicin."

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

Shares of Cubist Pharmaceuticals closed at $46.99 yesterday.


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