Alexza (ALXA) Surges On Symphony Deal, Analyst Still Sees A Near-Double In Price
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Shares of Alexza Pharmaceuticals Inc. (Nasdaq: ALXA) are surging higher today after the company announced after the close that it exercised its option to purchase all of the equity of Symphony Allegro.
After opening up about 12%, shares of ALXA are now 60% higher. Volume is over 500% more than yesterday already.
Commenting on the news, analysts at Piper Jaffray said the removal of the Symphony over-hang frees up Alexza to partner AZ-004. The firm continues to expect Alexza to file AZ-004 NDA in early 2010. The firm also notes the deal strengthens ALXA's balance sheet as well as align regulatory interest in preparation for U.S. launch in2001.
The firm raised their price target on ALXA to $5 per share, reiterating their Buy rating. Even with today's surge in ALXA the price target represents a near-double.
After opening up about 12%, shares of ALXA are now 60% higher. Volume is over 500% more than yesterday already.
Commenting on the news, analysts at Piper Jaffray said the removal of the Symphony over-hang frees up Alexza to partner AZ-004. The firm continues to expect Alexza to file AZ-004 NDA in early 2010. The firm also notes the deal strengthens ALXA's balance sheet as well as align regulatory interest in preparation for U.S. launch in2001.
The firm raised their price target on ALXA to $5 per share, reiterating their Buy rating. Even with today's surge in ALXA the price target represents a near-double.
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