Lower Than Expected R&D Expenses Drive 3Q EPS Beat for BioBlast Pharma (ORPN); Oppenheimer Reiterates Outperform

Oppenheimer reiterated an Outperform rating and $32.00 price target on Bio Blast Pharma (NASDAQ: ORPN) following the company's 3Q earnings report. ORPN reported a loss of $(0.25)/share vs. consensus of $(0.29), primarily due to lower than expected R&D expenses. In 3Q15, ORPN announced positive interim results from an open-label, phase II trial evaluating Cabaletta in OPMD.

Analyst Ling Wang commented, "ORPN reported a 3Q15 loss of $(0.25)/share vs. consensus of $(0.29) and our estimate of $(0.31), primarily due to lower than expected R&D expenses. Cash & equivalents as of 3Q15 totaled $23.1M, which should be sufficient to fund operations to 2H16, according to our projections. ORPN recently announced key organizational changes that strengthen its leadership team. In 3Q15, ORPN announced positive interim results from the HOPEMD phase II trial evaluating Cabaletta in oculopharyngeal muscular dystrophy (OPMD). The company is on track to initiate a phase III trial evaluating Cabaletta in OPMD following discussions with the FDA potentially in early 2016. We reiterate our Outperform rating and 12- to 18- month price target of $32."

For an analyst ratings summary and ratings history on Bio Blast Pharma click here. For more ratings news on Bio Blast Pharma click here.

Shares of Bio Blast Pharma closed at $4.32 yesterday.

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