Tesaro (TSRO) PT Raised to $115 at Leerink Following Full Results of Ph 3 NOVA Trial
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Leerink Partners analyst Seamus Fernandez reiterated an Outperform rating and raised its price target on Tesaro (NASDAQ: TSRO) to $115.00 (from $108.00) after full results of the Ph 3 NOVA trial (niraparib as 2L maintenance for ovarian cancer) presented in a Presidential Session at ESMO and published in the NEJM position niraparib as the new 2L maintenance treatment standard in platinum sensitive ovarian cancer, having demonstrated solid, durable, and statistically significant efficacy with a manageable safety profile regardless of biomarker status (hazard ratios by biomarker status germline BRCA mut + = 0.27; somatic BRCA mut + = 0.27; BRCA wild type HRD+ = 0.38; non-HRD BRCA wt = 0.58).
Fernandez commented, "We believe these data are strong enough to warrant approval in the overall patient population regardless of BRCAmut or HRD status and are increasing our probability of approval in non-gBRCA/HRD-negative patients to 70% in the US (from 0%) and 50% in the EU (from 0%). We reiterate our OP rating and increase our price target to $115/shr (from $108/shr)."
Shares of Tesaro closed at $99.26 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BMO Capital Raises Price Target on ManpowerGroup (MAN) Following 3Q Surprise
- Credit Suisse Downgrades Time Warner (TWX) to Neutral Following Takeover
- KLR Group Raises Price Target on SM Energy (SM) to $59; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!