Needham & Company Reiterates a 'Buy' on Aegerion Pharmaceuticals (AEGR); Profitability By 2014

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Needham & Company reiterates a 'Buy' on Aegerion Pharmaceuticals (NASDAQ: AEGR) price target of $23.00 (from $24.00).

Analyst, Chad Messer, said, "In a recent equity offering Aegerion raised net proceeds of $47.3 million, bringing pro forma cash to $110.8 million. We project this cash is sufficient to reach profitability in 2014. We continue to look for first pass U.S. approval of lomitapide around the December 29th PDUFA and European approval in 1H:13. Dilution from the offering reduces our price target slightly to $23, but we continue to find the risk/reward for AEGR shares compelling."

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

Shares of Aegerion Pharmaceuticals closed at $14.50 yesterday, with a 52 week range of $11.75-$17.72.

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