Nomura Securities Starts Macrocure Ltd (MCUR) at Buy

Nomura Securities initiates coverage on Macrocure Ltd (NASDAQ: MCUR) with a Buy rating and a price target of $19.00.

Analyst M. Ian Somaiya said, "We believe Macrocure’s lead product CureXcell could be the preferred advanced wound-care therapy in an estimated $5.5bn market opportunity in the US and EU based on robust clinical data, BLA approval, and favourable reimbursement. We view the risk related to CureXcell Phase III studies in diabetic foot ulcers (DFU) and venous leg ulcers (VLU) as significantly lowered, given 6,000 patients treated in 10 clinical trials and following approval in Israel. We expect Phase III trials to confirm market-leading wound closure rates despite inclusion of patients with larger wound sizes and infections at the wound site. We project CureXcell approval and launch in 2018 in the US and EU, with estimated peak sales of $1.2bn. Upside to our estimates and $19 TP is dependent on an earlier filing in the DFU indication alone. FY14E EPS at ($1.39); FY15E EPS at ($1.42)."

For an analyst ratings summary and ratings history on Macrocure Ltd click here. For more ratings news on Macrocure Ltd click here.

Shares of Macrocure Ltd closed at $9.69 yesterday.

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