UPDATE: Wedbush Assumes Coverage on Zalicus With a $5 PT And an Outperform Rating
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Price: $1.18 --0%
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 12
Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 12
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Wedbush is assuming coverage on shares of Zalicus (Nasdaq: ZLCS) and is raising its rating to Outperform from Neutral with a $5 price target.
The firm notes that the company’s lead candidate is Synavive, which is designed to provide the anti-inflammatory effects of a steroid without the adverse events that steroid treatment of RA often produces.
Although undisclosed, the firm estimates that ZLCS’s royalties from Exalgo sales with its partner Covidien are around 10-14% and anticipates that royalty revenue will be around $36 million in 2013.
Wedbush comments that two major catalysts coming up would be the initiation of a Phase llb trial of Synavive in rheumatoid arthritis and a potential partnership for Synavive.
The company is also currently pursuing novel painkillers by targeting N-, T-, and sodium channels. The firm states that ZLCS has reformulated Z160 to improve bioavailability and could progress it and Z944 into the clinic in 2011.
The firm notes that the company’s lead candidate is Synavive, which is designed to provide the anti-inflammatory effects of a steroid without the adverse events that steroid treatment of RA often produces.
Although undisclosed, the firm estimates that ZLCS’s royalties from Exalgo sales with its partner Covidien are around 10-14% and anticipates that royalty revenue will be around $36 million in 2013.
Wedbush comments that two major catalysts coming up would be the initiation of a Phase llb trial of Synavive in rheumatoid arthritis and a potential partnership for Synavive.
The company is also currently pursuing novel painkillers by targeting N-, T-, and sodium channels. The firm states that ZLCS has reformulated Z160 to improve bioavailability and could progress it and Z944 into the clinic in 2011.
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