Prosensa (RNA) Reiterated Buy at Wedbush

September 6, 2013 3:11 PM EDT
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Price: $18.65 --0%

Rating Summary:
    6 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 21 | Down: 16 | New: 10
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Wedbush today maintained an Outperform rating on Prosensa (NASDAQ: RNA) with a price target of $50.00. Analyst Christopher N. Marai believes recent weakness is a buying opportunity.

"Prosensa announced this morning that the dosing of the first patient in their Phase I/II trial of PRO053 has occurred. PRO053 may be applicable to ~8% (those amenable to skipping mutations in exon 53) of all patients with Duchenne muscular dystrophy (DMD). We anticipate potential top-line results from this trial could be presented in H2:14. Additionally, data from a Phase I/II trial for other follow-on compound PRO044 is to be presented at WMS Oct. 1-5," said Marai.

"We believe that, despite evidence suggesting effectiveness of exon-skipping approaches, the market has broadly overlooked the opportunity for Prosensa's follow-on compounds such as PRO044 and PRO053 for the treatment of DMD . . .Recent weakness in RNA represents an exceptional buying, in our opinion, opportunity ahead of what is likely to be approval worthy Phase III data in Q4:13. We have previously discussed factors related to the Phase III enrollment criteria that may impact results," he added.

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

Shares of Prosensa closed at $22.40 yesterday.

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