Piper Jaffray Upgraded Simcere Pharmaceutical (SCR) to Buy
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Piper Jaffray upgraded Simcere Pharmaceutical (NYSE: SCR) from Neutral to Buy with an $18 price target, in transferred coverage.
The firm said, "We believe the concern over generic competition on its edaravone products (Bicun/YDS, 33% 2007 revenue) is overblown. We obtained two critical pieces of information that led us to believe an irrational price war is unlikely to occur and the growth potential of SCR's Bicun/YDS franchise remains strong."
The firm also sees multiple potential catalysts in 2008 which should drive upside, including: Biapenem injection approval this month; top-line Endu Phase IV data release around mid year and formal data presentation at the Chinese Oncology conference in August; and quarterly earnings.
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