Needham & Company Reiterates a 'Buy' on Chelsea Therapeutics (CHTP); 2Q11 Review: Northera NDA Submission Expected Later this Quarter

Needham & Company reiterates a 'Buy' on Chelsea Therapeutics (NASDAQ: CHTP) price target of $10.00.

Needham analyst says, "Chelsea management provided a corporate update in a 2Q11 conference call yesterday. Key upcoming events include submission of the Northera NDA in NOH (late Aug/ early Sept) and interim Phase 2 CH-4051 results in Rheumatoid Arthritis (late 3Q11). We are favorably inclined on the latter based on prior preclinical and clinical data. We believe there are moderate regulatory risks around the initial Northera NDA filing, given potential FDA concerns around the interim miss in Study 306. Nevertheless, we believe the stock is overall undervalued and reiterate our rating."

For more ratings news on Chelsea Therapeutics click here and for the rating history of Chelsea Therapeutics click here.

Shares of Chelsea Therapeutics closed at $5.36 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Coherent (COHR) PT Raised to $420 at Needham
• Cellebrite (CLBT) PT Lowered to $12.50 at Needham
• Nu Holdings (Nubank) (NU) PT Raised to $19 at Needham