Wedbush Morgan Maintains a 'Buy' on Dyax (DYAX); Comments on FDA Action
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Wedbush Morgan maintains a 'Buy' on Dyax Corp. (Nasdaq: DYAX). Fair value $9.
Wedbush analyst says, "Dyax announced the FDA’s acceptance of its response to the Complete Response Letter for Ecallantide as treatment for acute hereditary angioedema (HAE) attacks...Management believes that they have addressed the safety issues via a detailed REMS program as well the CMC issues that address analytical methodologies and specifications and validation activity. Given Ecallantide’s strong efficacy data and assuming an acceptable REMS program, we continue to expect a potential Ecallantide approval by year-end, with a potential launch in Q1:10."
"We believe the stock continues to be undervalued, given a looming approval and launch. Using a 30% annual discount from net peak annual sales of DX-88 in HAE and a 6x multiple, we derive a fair value estimate for DYAX of $9, which includes cash per share of $0.93. In our opinion, DYAX remains appropriate for small cap healthcare investors."
To see more analyst ratings on DYAX Click Here.
Dyax Corp. (Dyax) is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of novel biotherapeutics for unmet medical needs, with an emphasis on inflammatory and oncology indications.
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