Ra Pharma (RARX) PT Lowered to $48 at Stifel

Stifel analyst Stephen Willey lowered the price target on Ra Pharma (NASDAQ: RARX) to $48.00 (from $54.00) while maintaining a Buy rating following a successful end-of-P2 meeting with FDA. Management outlined the design of a single, 12- week, randomized, double-blind, P3 pivotal trial intended to support the regulatory approval of zilucoplan in gMG.

Willey believes management’s decision to postpone P3 development plans in PNH is relatively unsurprising and he favors the decision given a recently-reduced peak zilucoplan PNH sales in the likely-largest EU market (just $110-120M) would imply these development dollars are better served in pursuit of less-competitive disease settings.

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