Needham & Company Reiterates a 'Buy' on Chelsea Therapeutics (CHTP); Interim CH-4051 Data in RA Consistent with Safety/Efficacy Benefits Over Methotrexate
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Price: $6.52 --0%
Rating Summary:
1 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 20
Rating Summary:
1 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 20
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Needham & Company reiterates a 'Buy' on Chelsea Therapeutics (NASDAQ: CHTP) price target of $10.00.
Needham analyst says, "Chelsea announced interim results from the ongoing Phase 2 trial of CH-4051 in rheumatoid arthritis yesterday in conjunction with 3Q12 financial results. CH-4051 doses tested appear to have roughly similar efficacy to that of methotrexate, but with an improved safety/tolerability profile. A higher dose is now being tested and final results from the trial are expected in 2Q12. Based on the new clinical data as well as prior preclinical and Phase 1 PK/safety data, a benefit over methotrexate with respect to both efficacy and safety/tolerability appears to be achievable with higher dose CH-4051. A Northera NDA has been submitted and a regulatory response is expected by April 2012. We continue to believe there are moderate regulatory risks for first-pass approval due to the interim miss in Study 306. Nevertheless, we believe the stock is overall undervalued, particularly in light of the new CH-4051 data, 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 $4.47 yesterday.
Needham analyst says, "Chelsea announced interim results from the ongoing Phase 2 trial of CH-4051 in rheumatoid arthritis yesterday in conjunction with 3Q12 financial results. CH-4051 doses tested appear to have roughly similar efficacy to that of methotrexate, but with an improved safety/tolerability profile. A higher dose is now being tested and final results from the trial are expected in 2Q12. Based on the new clinical data as well as prior preclinical and Phase 1 PK/safety data, a benefit over methotrexate with respect to both efficacy and safety/tolerability appears to be achievable with higher dose CH-4051. A Northera NDA has been submitted and a regulatory response is expected by April 2012. We continue to believe there are moderate regulatory risks for first-pass approval due to the interim miss in Study 306. Nevertheless, we believe the stock is overall undervalued, particularly in light of the new CH-4051 data, 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 $4.47 yesterday.
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