Boenning & Scattergood Starts Ardea Biosciences (RDEA) at Outperform; Best-In-Class Product In An Underserved and Growing Market

May 31, 2011 10:15 AM EDT Send to a Friend
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Price: $31.96 --0%

Rating Summary:
    7 Buy, 7 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 41
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Boenning & Scattergood initiates coverage on Ardea Biosciences (NASDAQ: RDEA) with an Outperform. PT $33.

Boenning analyst says, "Gout, afflicting between 3-5 million Americans, remains an underserved market with current treatment options providing limited benefit and burdened by potential safety concerns. Ardea’s lead product RDEA594 (lesinurad), has solid efficacy as a single agent, and evolving data suggest synergies with the current standard of care that produce the most significant treatment effects in chronic gout patients. With a database of over 700 patients, lesinurad’s safety profile remains robust and data showing the lack of mitochondrial toxicity further bolsters our confidence. Based on past regulatory approvals in the space we believe that phase III trials for lesinurad are likely torecruit around 2000 patients with potential top-line results during 1H2013. While questions surrounding partnering decisions remain on the forefront, we believe that the company’s balance sheet strength allows for significant flexibility in generating the best value for investors by advancing the product through phase III trials, prior to any licensing agreement. Based on the likely premier positioning of lesinurad in a large, expanding and underserved market, we initiate with an outperform."

For more ratings news on Ardea Biosciences click here and for the rating history of Ardea Biosciences click here.

Shares of Ardea Biosciences closed at $24.79 yesterday.


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