Stifel Nicolaus Initiates Coverage on Pharmasset (VRUS) with a Buy
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Stifel Nicolaus initiates coverage on Pharmasset (Nasdaq: VRUS) with a Buy. Price target $13.
Stifel analyst, Edward H. Nash, says, "We believe Pharmasset has a strong portfolio of drugs under development for hepatitis B virus (HBV), hepatitis C virus (HCV), and human immunodeficiency virus (HIV), and as such will be able to meet major unmet medical needs, help optimize current therapy regimens, and realize lucrative market opportunities.
Pharmasset intends to use the proceeds from its April 2007 IPO to push Clevudine into pivotal Phase III trials in 3Q07 to demonstrate superiority over adefovir (Hepsera). We believe Clevudine's robust efficacy and clean safety profile give it the ability to become a best-in-class first-line therapy for HBV and to be combined with currently marketed HBV therapies, thereby becoming the standard of care for treatment-experienced patients. We expect peak sales for Clevudine to reach peak sales of $400 million."
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