Roth Capital Starts Biotie Therapies (BITI) at Buy

Roth Capital initiates coverage on Biotie Therapies (NASDAQ: BITI) with a Buy rating and a price target of $26.00.

Analyst Elemer Piros commented, "Biotie, in our opinion, is developing a best in class treatment for Parkinson’s disease."

On valuation, he added, "The sum of the risk-adjusted NPV for the Parkinson’s disease program yields an after-tax value of $220MM ($18/ADS), in our estimation. Additional value is attributed to the milestone payments and royalties from the marketed alcohol dependence drug and the company’s Phase 2 assets ($100MM, $8/ADS) equating to an overall company value of $320MM. Using ~12.2MM ADS outstanding, we estimate the fair value of the company is $26/ADS - our 12-month target price on Biotie."

For an analyst ratings summary and ratings history on Biotie Therapies click here. For more ratings news on Biotie Therapies click here.

Shares of Biotie Therapies closed at $19.44 yesterday.

You May Also Be Interested In

• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
• Cantor Fitzgerald Reiterates Overweight Rating on Applied Materials (AMAT)
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery