Cempra (CEMP) PT Raised to $42 at Needham & Company Amid Positive Solithromycin Phase 3 Trial Data
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Rating Summary:
1 Buy, 14 Hold, 0 Sell
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Up: 20 | Down: 14 | New: 22
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Needham & Company analyst Alan Carr reiterated a Buy rating on Cempra, Inc. (NASDAQ: CEMP) and raised his price target to $42.00 (from $28.00) following positive results from the first of two Phase 3 trials of solithromycin in Community Acquired Bacterial Pneumonia (CABP; SOLITAIRE-Oral).
Carr commented, "The trial met the primary endpoint of non-inferiority to comparator moxifloxacin. Safety profile remains strong. We expect detailed results to be presented at the ECCMID mtg in Apr 2015. Mgmt plans to guide for timing of results from the second Phase 3 trial (IV and oral formulations; SOLITAIRE-IV) in Apr 2015. We assume the trial will be completed YE15, with launch YE16. We reiterate BUY and raise price target due to reduced risk associated with the program. Our $42 target is based on 25x our 2020 $3.36 EPS estimate, discounted 15% annually. We believe solithromycin has over $2B in WW peak sales potential given positioning for use in community setting."
For an analyst ratings summary and ratings history on Cempra, Inc. click here. For more ratings news on Cempra, Inc. click here.
Shares of Cempra, Inc. closed at $22.89 yesterday.
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