UPDATE: Chardan Capital Markets Starts Curis (CRIS) at Buy

September 30, 2013 8:08 AM EDT Send to a Friend
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Price: $1.35 -1.46%

Rating Summary:
    11 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 0 | New: 2
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(Updated - September 30, 2013 9:03 AM EDT)

Chardan Capital Markets initiates coverage on Curis (NASDAQ: CRIS) with a Buy rating and a price target of $6.00. Analyst Ling Wang noted a base valuation based on Erivedge and he thinks the market under-appreciates the potential of CUDC-907.

"Erivedge, a first-in-class hedgehog inhibitor in collaboration with RHHBY, was approved in the U.S., EU, and many other countries for treating locally advanced and metastatic BCC. We expect continued penetration of Erivedge in these two subsets of BCC patients who previously had no effective treatment option. We project the NPV on Erivdge royalties of ~$ 230MM to CRIS, based on peak sale projection of ~$500MM worldwide in the current indications. Potential market expansion in operable BCC (with proof-of-concept phase II data expected in late 2013 or early 2014) or other indications could drive additional upside," said Wang.

"At the current valuation, we believe the market under-appreciates the potential of CUDC-907, a unique dual inhibitor of PI3K and HDAC scheduled to report initial phase I data by YE13 and CUDC-427, a promising inhibitor of IAP (inhibitor of apoptosis protein), which has demonstrated preliminary yet encouraging efficacy in advanced tumors," he added.

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

Shares of Curis closed at $4.30 yesterday.


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