Wells Fargo Starts Ardea Biosciences (RDEA) at Market Perform; Gout Market Represents A Large Opportunity

Wells Fargo initiates coverage on Ardea Biosciences (NASDAQ: RDEA) with a Market Perform. PT range $16-$20.

Wells analyst says, "We believe RDEA's lead drug, lesinurad, has the potential to change the gout treatment paradigm, providing an efficacious add-on for patients not responsive to or intolerant to the current gold-standard, allopurinol, or for those with severe disease. We believe the agent has considerable promise; however, the gout market remains immature for new branded therapies, lesinurad's long-term safety is unknown, and near-term news flow is limited. As such, we believe RDEA's valuation fairly balances the potential and risks of lesinurad and we expect shares to trade in line with the sector, although we would look at the stock again closer to the phase III data readout."

For an analyst ratings summary and ratings history on Ardea Biosciences click here. For more ratings news on Ardea Biosciences click here.

Shares of Ardea Biosciences closed at $17.03 yesterday.

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