Noble Cuts PT on BioCryst (BCRX) to $8 Following OPuS-2 Data; Reaffirms at 'Buy'

Noble Financial is trimming its price target on Buy-rated BioCryst (Nasdaq: BCRX) from $21 down to $8 following recent results from OPuS-2 (Oral ProphylaxiS-2), a clinical trial of avoralstat administered three times daily as a liquid-filled soft gel formulation for the prophylactic treatment of hereditary angioedema (HAE) attacks.

Analyst Rahul Jasuja noted the following:

• BioCryst announced disappointing OPuS-2 Phase 2b results; avoralstat did not meet the primary endpoint of reduction in HAE attack rates, with mean attack rates per week of 0.63 on avoralstat 500mg, 0.71 on avoralstat 300mg, vs. 0.61 on placebo
• Based on the OpuS-2 trial data, the exposure profile achieved with the liquid formulation of avoralstat fails to show the needed efficacy, and BCRX willl not develop the liquid formulation further
• BioCryst will focus on a solid dose formulation which has superior exposure and longer absorption time based on non-human primate data; healthy volunteer pharmacokinetics study results with the solid formulation avoralstat are expected in mid-2016
• BCX7353 development continues, the ApeX-1 Phase 2 dose-ranging trial is expected to study doses ranging from 100mg to 350mg (once daily for 4 weeks), with mean acute angioedema attack rate as the primary endpoint; APeX-1 data is expected end of 2016
• Negative results from Opus-2 increases the timeline for development of avoralstat, and increases oral HAE program risk; we lower the probability of success and our target price; our Buy rating remains as we believe avoralstat and BCX7353 both remain viable and BCRX is trading at only ~1.5x cash

For an analyst ratings summary and ratings history on BioCryst Pharma click here. For more ratings news on BioCryst Pharma click here.

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