UPDATE: Cowen Upgrades Achaogen (AKAO) to Outperform
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(Updated - November 28, 2016 9:30 AM EST)
Cowen upgraded Achaogen (NASDAQ: AKAO) from Market Perform to Outperform. Analyst Ritu Baral see a high chance of success for Ph3 EPIC cUTI data in Q4.
"Plazomycin is Achaogen’s Phase 3 novel modified aminoglycoside antibiotic that we think has significant clinical promise for treatment of resistant gram-negative strains including CRE (carbapenem resistant enterobacteriaceae). The drug has shown impressive activity in a number of serious infection types caused by different resistant gram-negative pathogens. Data suggests even better activity than standard of care, which we think may lead to better clinical outcomes such as improved survival, shorter ICU time, and shorter hospital stays," said Baral.
The analyst added, "AKAO moved up Plazomicin (Plz) pivotal Ph3 EPIC cUTI top-line and CARE trial data to 4Q16. We think EPIC has a very high chance of success given positive Ph2 cUTI precedent data. We continue to view Plz as a high value, low clinical risk late-stage asset."
Shares of Achaogen closed at $5.10 yesterday.
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