Wedbush Raises Price Target on Raptor Pharmaceuticals (RPTP), Successful Phase III trial for RP103

Wedbush is reiterating its Outperform rating on shares of Raptor Pharmaceuticals (NASDAQ: RPTP) and is raising its price target from $7 to $10.00 following a successful Phase III trial for RP103 in Cystinosis.

Management noted that the Phase III trial for RP103 met its primary endpoint in the treatment of cystinosis. The firm reports that there was one SAE of gastric intolerance in the RP103 arm, but also that they are not worried about it.

The firm's estimates call for a EPS loss of $0.56 in 2011 with no revenue and a loss of $0.24 in 2012 with $15.7 million in revenue.

For more ratings news on Raptor Pharmaceuticals click here and for the rating history of Raptor Pharmaceuticals click here.

Shares of Raptor Pharmaceuticals closed at $6.96 yesterday.

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