Five Prime Therapeutics (FRPX) PT Raised to $60 at Jefferies

Jefferies analyst Eun Yang reiterated a Buy rating and raised his price target on Five Prime Therapeutics (NASDAQ: FPRX) to $60.00 (from $41.00) following Q2 results.

Yang commented, "Narrower 2Q net loss on higher revenue; estimated YE16 cash of ~$400M should fund operations into ~2019 by our est's. With ample cash, a sustainable, growing pipeline fueled by its drug discovery engine & potential from ongoing I/O partnership with BMY, we're upping PT to $60 on what we view as favorable risk/reward at current EV of ~$900M."

For an analyst ratings summary and ratings history on Five Prime Therapeutics click here. For more ratings news on Five Prime Therapeutics click here.

Shares of Five Prime Therapeutics closed at $51.59 yesterday.

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