Needham & Company Reiterates a 'Buy' on Chelsea Therapeutics (CHTP); FDA Votes in Favor of Northera
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Price: $6.52 --0%
Rating Summary:
1 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Chelsea Therapeutics (NASDAQ: CHTP) price target of $10.00
Analsyt, Alan Carr, said, "The Cardiovascular and Renal Drugs Advisory Committee voted 7-4 in favor of approval of Northera for NOH. The positive outcome improves the chances for FDA approval, particularly considering the clearly negative conclusions by regulators in the briefing documents released earlier this week...We caution investors, however, that approval by the 3/28/12 PDUFA date may still be a challenge. The agency may discount AdCom advice and insist on additional pre-approval trial(s) anyway. Alternatively, if the FDA follows AdCom advice, there is relatively little time to agree on label and post-approval trial requirements...Despite these concerns, we remain favorably inclined toward the stock in the intermediate to long-term. Approval in 2012 is tenable, in our view, and we note other potential key catalysts in 2Q12, including results of ongoing Phase 3 Northera Study 306b (fall rates) and the Phase 2 CH-4051 trial in RA."
For an analyst ratings summary and ratings history on Chelsea Therapeutics click here. For more ratings news on Chelsea Therapeutics click here.
Shares of Chelsea Therapeutics closed at $2.41 yesterday.
Analsyt, Alan Carr, said, "The Cardiovascular and Renal Drugs Advisory Committee voted 7-4 in favor of approval of Northera for NOH. The positive outcome improves the chances for FDA approval, particularly considering the clearly negative conclusions by regulators in the briefing documents released earlier this week...We caution investors, however, that approval by the 3/28/12 PDUFA date may still be a challenge. The agency may discount AdCom advice and insist on additional pre-approval trial(s) anyway. Alternatively, if the FDA follows AdCom advice, there is relatively little time to agree on label and post-approval trial requirements...Despite these concerns, we remain favorably inclined toward the stock in the intermediate to long-term. Approval in 2012 is tenable, in our view, and we note other potential key catalysts in 2Q12, including results of ongoing Phase 3 Northera Study 306b (fall rates) and the Phase 2 CH-4051 trial in RA."
For an analyst ratings summary and ratings history on Chelsea Therapeutics click here. For more ratings news on Chelsea Therapeutics click here.
Shares of Chelsea Therapeutics closed at $2.41 yesterday.
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