FBR Capital Remains Bullish on RedHill Biopharma (RDHL) Following R&D Update

FBR Capital reiterated an Outperform rating and $36.00 price target on Redhill Biopharma (NASDAQ: RDHL) following the company's semi-annual R&D Update.

Analyst Vernon Bernardino commented, "We conclude from its recent semi-annual R&D update that steady progress in the RedHill Biopharma clinical-stage programs may translate into positive catalysts for the stock in the next three to six months. We think the annualized relapse rate (ARR) observed at 24 weeks (0.288) in the ongoing CEASE-MS Phase II study with RHB-104 in relapsing-remitting multiple sclerosis (RRMS) was particularly impressive. Thus, we anticipate the top-line final results expected in 4Q16 to be a significant catalyst. We also look for the nascent value of Yeliva, a proprietary small molecule inhibitor selective for sphingosine kinase-2 (SK2), to rapidly emerge with planned initiations in multiple myeloma, liver cancer, and as a radioprotectant by year-end 2016. We think clinical results from these programs, which are presently not in our models, represent upside potential to what we view as an attractive share price at current levels. As a result, we reiterate our Outperform rating and $36 price target."

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

Shares of Redhill Biopharma closed at $15.40 yesterday.

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