Tesaro (TSRO) PT Lowered to $76 at Wedbush

Wedbush lowered its price target on Tesaro (NASDAQ: TSRO) to $76.00 (from $103.00) while maintaining an Outperform rating.

Analyst David Nierengarten commented, "We believe negative sentiment has probably peaked with Varubi IV shelving and guidance indicating moderate Zejula growth in near-term, and look for share price to recover this year, particularly post-1Q18 with typical headwinds for oral oncology agents, and with data updates that increase niraparib’s addressable market and further advancement of immuno-oncology pipeline. We are taking down our PT as we remove Varubi IV, make slight downward adjustments to our Zejula ramp and increase near-term burn, which takes our PT down to $76."

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