Canaccord Genuity Reiterates a 'Buy' on Anacor Pharmaceuticals (ANAC); Tavaborole Phase 3 Design Supports Success, Approval

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Canaccord Genuity reiterates a 'Buy' on Anacor Pharmaceuticals (NASDAQ: ANAC) price target of $9.00 (from $8.00).

Analyst, Ritu Baral, said, "Reiterate rating, raising target on good risk/reward going into Phase 3 data for tavaborole (tava) in onychomycosis, and Phase 2 AN22728 promise in dermatology. Tavaborole is ANAC’s Phase 3 topical anti-fungal for toenail fungal infection, which we think will yield positive data from the first Ph3 trial in Jan 2013. We also think ANAC’s second drug candidate, AN2728, will yield positive results in its Phase 2 studies in atopic dermatitis (AD) in late 2012 and through 2013."

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

Shares of Anacor Pharmaceuticals closed at $5.01 yesterday, with a 52 week range of $3.71-$7.55.

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