Tetraphase Pharmaceuticals (TTPH) Target Raised to $46 at Needham & Company

Needham & Company analyst Alan Carr reiterated a Buy rating and boosted his price target on Tetraphase Pharmaceuticals (NASDAQ: TTPH) to $46.00 (from $28.00) following positive Phase 3 Eravacycline results in cIAI.

Tetraphase announced positive results yesterday from its Phase 3 trial of IV eravacycline in complicated Intra-abdominal Infections. The trial met its primary non-inferiority endpoint against comparator ertapenem under both FDA and EMA analyses. Point estimates, however, were not disclosed. Mgmt asserted safety profile was generally consistent with prior clinical experience. We expect details to be presented at the ECCMID mtg in Apr 2015. Considering clinical safety and efficacy profile, surveillance data, and IV/oral flexibility, we believe eravacycline will be well-positioned in the Gram-negative space relative to current options, including carbapenems, and other late-stage antibiotics. We assume launch in 2H16. We reiterate our BUY rating and raise our target to $46, based on 25x our $3.68 2020 EPS estimate, discounted 15% annually.

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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