Piper Jaffray Upgrades BioCryst Pharma (BCRX) to Overweight
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Piper Jaffray upgraded BioCryst Pharma (NASDAQ: BCRX) from Neutral to Overweight with a price target of $8.00 (from $5.00) after the company dosed the first patient in its APeX-1 trial of '7353.
Analyst Charles C. Duncan commented, "On Thursday Biocryst dosed the first patient in its APeX-1 trial of '7353 and we’re upgrading shares from Neutral to Overweight as this program appears to be back on track and well-funded to produce the first meaningful Phase II results as early as YE16. We continue to believe that an oral candidate for HAE attack prevention can produce significant clinical value, and we’re encouraged Biocryst is now focused solely on 1x-daily ‘7353. We believe this second-gen candidate can overcome past formulation challenges to offer consistent, therapeutic kallikrein inhibition and are supportive of the APeX-1 trial design which appears well-vetted and risk-reduced compared to its past efforts. In advance of the APeX-1 Part 1 results ~YE16 to more fully characterize efficacy and safety of ‘7353, and to inform clean trial conduct in HAE attack prevention, we are moving to OW and increasing our PT from $5 to $8."
Shares of BioCryst Pharma closed at $5.03 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA, Hot Upgrades, Upgrades
Related EntitiesPiper Jaffray, Charles Duncan
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