Piper Jaffray Starts Sophiris Bio (SPHS) at Overweight

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."

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

Shares of Sophiris Bio closed at $3.37 yesterday.

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