UPDATE: Needham & Company Upgrades Chelsea Therapeutics (CHTP) to Buy

February 20, 2013 2:22 PM EST
Get Alerts CHTP Hot Sheet
Price: $6.52 --0%

Rating Summary:
    1 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 34 | New: 34
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(Updated - February 20, 2013 2:42 PM EST)

Needham & Company upgraded Chelsea Therapeutics (NASDAQ: CHTP) from Hold to Buy with a $4 price target following encouraging progress in its discussions with the FDA around regulatory path for Northera, which is under development for Neurogenic Orthostatic Hypotension (NOH).

"Although we believe Northera regulatory risk is still meaningful, the FDA appears willing to demonstrate greater flexibility in the review process. Given current low valuation ($75M EV), we believe the risk benefit profile for the stock is reasonably attractive. We are upgrading the stock to BUY (was HOLD) with a $4 target based on 25x our $0.26 2016 EPS estimate, discounted 25%."

For an analyst ratings summary and ratings history on Chelsea Therapeutics click here. For more ratings news on Chelsea Therapeutics click here.

Shares of Chelsea Therapeutics closed at $0.77 yesterday.

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