Piper Jaffray Starts Sophiris Bio (SPHS) at Overweight
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Piper Jaffray initiates coverage on Sophiris Bio (NASDAQ: SPHS) with a Overweight rating and a price target of $7.00.
Analyst Charles Duncan commented, "We’re initiating on Sophiris with a $7 PT based on potential of its lead candidate topsalysin (PRX302) to usher-in a new paradigm in treating localized prostate cancer and BPH. Our valuation focuses on the earlier-stage prostate cancer indication, as we see greater risk-adjusted value in addressing this high unmet need and believe just two capital-efficient trials can bring 302 to market. Based on the differentiated clinical profile of 302 and promising hypothesis-generating Phase II results, including several CRs, we model first localized prostate cancer sales in 2020 and peak sales of $900M in 2033. In BPH, we believe 302 may offer a compelling “middle of the road” value proposition with respect to symptom control versus side effect profile and are supportive of further, partner-supported, development. With a strengthened balance sheet to advance 302 in prostate cancer, including a confirmatory, fully-funded Phase II to begin by YE16, we initiate at OW."
Shares of Sophiris Bio closed at $3.37 yesterday.
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Related EntitiesPiper Jaffray, Charles Duncan
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