Tetraphase Pharmaceuticals (TTPH) PT Raised to $48 at BMO Capital

BMO Capital analyst Jim Birchenough boosted his price target on Outperform-rated Tetraphase Pharmaceuticals (NASDAQ: TTPH) to $48 from $33 following positive top-line results from the phase 3 IGNITE 1 trial of eravacycline in complicated intra-abdominal infections (cIAI).

Birchenough commented, "We are reiterating our Outperform rating on TTPH‎ and increasing our price target to $48 following review of top-line IGNITE1 results for eravacycline in cIAI. Results meet regulatory requirements for approval in the US and EU and we expect differentiation to emerge around individual pathogens, like CRE, as well as from a broader profile in cUTI and with availability of oral step-down therapy. We have increased modestly our 2018 sales estimates for eravacycline to $222M from $193M following IGNITE1 results, with limited frontline empiric therapy assumed, and see continued upside into IGNITE2 results in cUTI in mid-2015."

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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