Tesaro (TSRO) PT Raised to $95 at Leerink

Leerink Partners analyst Seamus Fernandez reiterated an Outperform rating and raised its price target on Tesaro (NASDAQ: TSRO) to $95.00 (from $65.00) on impressive NOVA trial results.

Fernandez commented, "Top-line results from TSRO (OP) Ph3 NOVA trial of niraparib (PARP inhibitor) in 2L ovarian cancer maintenance treatment is as close to a Best Case scenario as it gets, in our opinion; hitting the PFS (progression free survival) on the overall germline BRCA mutation (gBRCAmut) negative population is an unexpected upside. Importantly, there is no outstanding safety/tolerability concerns; in particular, the MDS/AML rate was similar between the niraparib arms (1.3%) and the control arm (1.2%). We are increasing our PT to $95 from $65 previously, driven by change in our probability of success (POS) estimate and treatment duration assumptions."

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

Shares of Tesaro closed at $77.40 yesterday.

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