Wedbush Boosts Price Target on NPS Pharmaceuticals (NPSP) After Amended Amgen Deal
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Price: $45.97 --0%
Rating Summary:
8 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
Rating Summary:
8 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
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Wedbush lifted its price target on Outperform-rated NPS Pharmaceuticals Inc. (NASDAQ: NPSP) from $17 to $18 after updating its financial model related to the amended its Sensipar royalty agreement with Amgen last week.
The firm said the deal structure significantly reduces NPS Pharmaceuticals' cash burn in the near term, eliminating the need for a near-term financing.
"Our previous estimates had included a significant equity financing (~10M added shares). The elimination of the dilutive financing from our estimates increases our price target to $18/share from $17," the analyst comments.
Wedbush now estimate 2012 net cash burn of $68.8M, compared to their prior net cash burn of $107.5M.
For an analyst ratings summary and ratings history on NPS Pharmaceuticals Inc. click here. For more ratings news on NPS Pharmaceuticals Inc. click here.
Shares of NPS Pharmaceuticals Inc. closed at $8.97 yesterday.
The firm said the deal structure significantly reduces NPS Pharmaceuticals' cash burn in the near term, eliminating the need for a near-term financing.
"Our previous estimates had included a significant equity financing (~10M added shares). The elimination of the dilutive financing from our estimates increases our price target to $18/share from $17," the analyst comments.
Wedbush now estimate 2012 net cash burn of $68.8M, compared to their prior net cash burn of $107.5M.
For an analyst ratings summary and ratings history on NPS Pharmaceuticals Inc. click here. For more ratings news on NPS Pharmaceuticals Inc. click here.
Shares of NPS Pharmaceuticals Inc. closed at $8.97 yesterday.
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