Wedbush Morgan Maintains a 'Buy' on Poniard Pharmaceuticals (PARD); Renewed Interest in Emerging Pharma Sector - Raises Price Target

June 5, 2009 3:51 PM EDT

Wedbush Morgan maintains a 'Buy' on Poniard Pharmaceuticals Inc. (Nasdaq: PARD), raises price target from $6 to $15.

Wedbush analyst says, "We believe Poniard may consummate a strategic picoplatin partnership ahead of the Phase III data. A deal ahead of the data could focus additional attention on the company and the picoplatin opportunity leading to a sharp move up in the Stock, in our opinion. Picoplatin’s late stage of development, broad opportunity and unique activity in platinum refractory/resistant disease should, in our opinion, make this an asset that is attractive enough to lead to a deal ahead of the data (likely structured as an option, with a substantial payment with positive SPEAR data)."

"Additionally there has been renewed interest in the emerging pharmaceutical sector both in terms of licensing and M&A. Due to this sequence of positive events, we believe that investors have recently become increasingly receptive to taking a longer-term view of the revenue potential of PARD."

To see more analyst ratings on PARD Click Here.

Poniard Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of cancer therapy products.

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