Burrill Starts Navidea Biopharmaceuticals (NAVB) at Market Outperform

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Burrill initiates coverage on Navidea Biopharmaceuticals (NYSE: NAVB) with a Market Outperform. PT $5.00.

The firm comments, "Navidea is currently seeking regulatory approval of Lymphoseek, a precision radiopharmaceutical agent used for intraoperative lymphatic mapping, and in our opinion, addresses a $300 MM worldwide market. In addition, the company has in-licensed NAV4694 and NAV5001, which are intended to aid in the diagnosis of Alzheimer’s and Parkinson’s diseases, respectively. All three products address large markets, approaching $1.5 B worldwide. With the potential for a Lymphoseek approval (April 30, 2013), partner Cardinal Health (CAH, Not Rated) to generate revenues in the near-term and a pipeline of diagnostic products which can help usher in an era of personalized treatments for indications of large unmet medical need, we believe Navidea represents an undervalued opportunity with multiple near-term drivers poised to create shareholder value in 2013."

For an analyst ratings summary and ratings history on Navidea Biopharmaceuticals click here. For more ratings news on Navidea Biopharmaceuticals click here.

Shares of Navidea Biopharmaceuticals closed at $2.97 yesterday, with a 52 week range of $2.14-$4.77.

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