Retrophin (RTRX) PT Raised to $46 at BMO as Details Strengthen DUET Data
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BMO Capital analyst Do Kim reiterated an Outperform rating and raised his price target on Retrophin (NASDAQ: RTRX) to $46.00 (from $40.00) following positive updated DUET data at the ASN meeting.
Kim commented, "Our probability of success for Sparsentan increases to 55% from 45%, as we believe the results strengthen Retrophin's case for accelerated filing and launch in 2017. We believe the FDA will consider a dose titration for approval given an apparent dose-response in efficacy and tolerability (hypotension), with manageable edema rates. FDA acceptance of the proteinuria endpoint remains a risk, but we see growing evidence for proteinuria as a surrogate to kidney survival."
Shares of Retrophin closed at $20.08 yesterday.
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