Tetraphase Pharmaceuticals (TTPH) PT Lifted to $41 at Baird on Bullish IGNITE-1 Data

Baird analyst Brian Skorney reiterated an Outperform rating and boosted his price target on Tetraphase Pharmaceuticals (NASDAQ: TTPH) price target of $41.00 (from $28.00) following positive IGNITE-1 data.

Skorney commented, "We didn't see any surprises in the top-line IGNITE-1 dataset with eravacycline achieving statistical non-inferiority compared to ertapenem. We believe the data compares favorably to CXA-201 and creates a likely scenario of a takeout in light of Merck's announced plans to acquire Cubist earlier this month. Overall, we believe the positive readout from IGNITE-1 keeps the momentum rolling for Tetraphase and we're raising our price target to $41

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

Shares of Tetraphase Pharmaceuticals closed at $33.19 yesterday.

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