Theravance Biopharma (TBPH) PT Raised to $35 at Leerink Partners
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Leerink Partners analyst Geoffrey Porges reiterated an Outperform rating and raised his price target on Theravance Biopharma (NASDAQ: TBPH) to $35.00 (from $31.00) after the company announced positive results from its two pivotal trials of revefenacin (“rev,” formerly TD4208) which is its long-acting muscarinic antagonist (anti-cholinergic or LAMA) for the treatment of moderate to severe Chronic Obstructive Pulmonary Disease (COPD).
Porges commented, "Based on this confirmation, and the uneventful safety observations from the trial, we are increasing our probability of success for this program (and the associated closed triple) to 100%, raising our revenue and earnings forecasts for TBPH by 7-8%, and increasing our price target to $35 (from $31). The two identical trials met their primary endpoint of improving trough FEV1 compared to placebo over a 12-week treatment duration. Theravance’s management hosted a conference call yesterday to discuss the results and confirmed that the benefit was statistically significant in both the studies individually, in patients who were both taking background nebulized long-acting beta agonists (LABAs) and patients who were given revefenacin as monotherapy. We discussed the results with management after the call, and then interviewed two MEDACorp pulmonologists to put the results into perspective."
Shares of Theravance Biopharma closed at $32.80 yesterday.
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