Dyax Corp. (DYAX) PT Raised to $30 at Needham & Company

Needham & Company analyst Serge Belanger reiterated a Buy rating and boosted his price target on Dyax Corp. (NASDAQ: DYAX) to $30.00 (from $19.00) following positive ph 1b results of DX-2930.

Belanger commented, "Strong positive results from a ph 1b study evaluating DX-2930 in HAE patients exceeded previously high expectations. DX-2930 was well tolerated at all doses and continued displaying a PK profile supporting twice- or even once-monthly dosing. The highlight was the efficacy results showing that DX-2930 led to a 91% reduction in HAE attack rate. These data provide important clinical proof-of-concept results in HAE patients with efficacy that appears to go well beyond the ~50% attack reduction with the current standard-of-care for HAE prophylaxis. Dyax will meet with FDA to delineate future clinical development plans required for U.S. approval. Given strong ph 1b results, there is the possibility that only a single pivotal study could be required for approval."

For an analyst ratings summary and ratings history on Dyax Corp. click here. For more ratings news on Dyax Corp. click here.

Shares of Dyax Corp. closed at $16.76 yesterday.

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