Canaccord Genuity Reiterates a 'Buy' on MAP Pharmaceuticals (MAPP); CRL Disappointing, but Visibility Encouraging
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Price: $28.16 +0.64%
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity reiterates a 'Buy' on MAP Pharmaceuticals (NASDAQ: MAPP) price target lowered from $24 to $23.
Analyst, Randall Stanicky, said, "MAPP shares rallied back on heavy volume, closing down 4% (still up 25% YTD) on reaction to the FDA Complete Response Letter for lead migraine drug LEVADEX. While we had hoped for approval, we believe the lack of request for any new clinical data suggests ultimate approval remains likely and the story is now less binary. There are still several moving parts related to timing but as we’ve said we think the overall value proposition is still there, though now pushed out along with related catalysts. We have revisited our LEVADEX peak sales and NPV model in detail with two main changes: (1) we’ve pushed out assumed approval timing by 12-months and (2) we have upped our risk adjustment to 90% from 85% on now more likely approval."
For an analyst ratings summary and ratings history on MAP Pharmaceuticals click here. For more ratings news on MAP Pharmaceuticals click here.
Shares of MAP Pharmaceuticals closed at $16.44 yesterday.
Analyst, Randall Stanicky, said, "MAPP shares rallied back on heavy volume, closing down 4% (still up 25% YTD) on reaction to the FDA Complete Response Letter for lead migraine drug LEVADEX. While we had hoped for approval, we believe the lack of request for any new clinical data suggests ultimate approval remains likely and the story is now less binary. There are still several moving parts related to timing but as we’ve said we think the overall value proposition is still there, though now pushed out along with related catalysts. We have revisited our LEVADEX peak sales and NPV model in detail with two main changes: (1) we’ve pushed out assumed approval timing by 12-months and (2) we have upped our risk adjustment to 90% from 85% on now more likely approval."
For an analyst ratings summary and ratings history on MAP Pharmaceuticals click here. For more ratings news on MAP Pharmaceuticals click here.
Shares of MAP Pharmaceuticals closed at $16.44 yesterday.
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