Theravance Biopharma (TBPH) PT Raised to $35 at Leerink Partners
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Ciena (CIEN) to $30 Following 4Q
- Stifel Reiterates Buy on Casella Waste Systems (CWST) - PT to $16
- lululemon athletica (LULU): Skeptics Are Quieter - Wedbush
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
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!