AEterna Zentaris (AEZS) PT Lifted to $6 at Maxim Group

Maxim Group analyst Jason Kolbert reiterated a Buy and bumped his price target on AEterna Zentaris (NASDAQ: AEZS) price target of $6.00 (from $5.00) as the company is ready for launch.

Kolbert commented, "AEterna reported $42M in cash with only a modest burn of $9.8M. The company continues its "Resource Optimization Program" with efforts to streamline R&D activities and increase commercial operations and flexibility. The effort to optimize the company as a commercial specialty pharma company is expected to result in 31 employee terminations. Severance packages added $1.6M to this quarter's R&D expense. AEterna also issued 1.6M common shares as part of its May 2014 ATM program, though dilution is minimal, with 59M shares outstanding."

He added, "The co-promotion of Estrogel and Macrilen will begin with AEterna's 20 reps getting out in the field beginning November 17, 2014, which, combined with ASCEND reps, brings the total to 53. This is just in time for the final review of the Macrilen NDA (PDUFA November 5, 2014)."

"Site initiation (120 sites) is now complete for the current ZoptEC (Zoptarelin doxorubicin in endometrial cancer) phase III trials. All sites are operational, and 300 of the expected 500 patients have been enrolled."

For an analyst ratings summary and ratings history on AEterna Zentaris click here. For more ratings news on AEterna Zentaris click here.

Shares of Æterna Zentaris closed at $1.11 yesterday.

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