Wedbush Says Buy the Dip in NPS Pharma (NPSP) Shares; Amgen's Missed Goal Does Not Impact Royalty Stream

June 8, 2012 11:52 AM EDT
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Price: $45.97 --0%

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    Up: 23 | Down: 34 | New: 34
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With shares of NPS Pharma (Nasdaq: NPSP) down nearly 10 percent Friday morning amid news from Amgen (Nasdaq: AMGN) its Phase 3 EVOLVE trial on Sensipar showed no statistical significance, Wedbush is out in defense of NPS Pharma.

Wedbush noted the study of Sensipar was strictly focused on label expansion, and pointed out the drug is already approved for the treatment of secondary HPT in dialysis patients. The firm had not been modeling for a positive result from the EVOLVE trial, and thus its estimate for NPS Pharma's royalty stream remains unchanged.

The firm said it views "any sell-off of NPSP shares as a buying opportunity ahead of possible GATTEX approval in Europe in the next three months."

Wedbush reiterated an Outperform rating and $14 price target on shares of NPS Pharma.

While shares of NPS Pharma are down sharply this morning, the stock is off session lows.

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