Recro Pharma (REPH): Second Meloxicam Phase 3 Trial Achieves Positive Results - REPH

November 29, 2016 7:15 AM EST
Get Alerts REPH Hot Sheet
Price: $6.61 -5.44%

Rating Summary:
    5 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 18 | New: 19
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H.C. Wainwright analyst, Ed Arce, reiterated his Buy rating on shares of Recro Pharma (NASDAQ: REPH) after the company announced top-line results for its second Phase 3 study of intravenous (IV) meloxicam for the treatment of acute postoperative pain in 219 patients following abdominoplasty surgery, a representative soft tissue surgery that is commonly used in pain management trials.

Subjects were randomized 1:1 to either 30mg of IV meloxicam or placebo every 24 hrs for up to 3 doses. In this trial, meloxicam achieved the primary endpoint of a statistically significant difference in Summed Pain Intensity Difference (SPID) over the first 24 hrs (SPID24) compared to placebo (p=0.0145).

No change to the $19 price target based on ~$7 per share for IV meloxicam (75% probability of approval, 12.0% discount rate) and $12 per share for manufacturing revenues (10.0% discount rate).

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

Shares of Recro Pharma closed at $9.30 yesterday.

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H.C. Wainwright, Ed Arce

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