UPDATE: Canaccord Genuity Starts Lpath (LPTN) at Buy

Canaccord Genuity initiated coverage on Lpath Inc (NASDAQ: LPTN) with a Buy rating and a price target of $17.00.

Analyst John Newman said, "Lpath's iSONEP could be paradigm changing in wet AMD with $2.4B peak sales potential. The name is still under the radar, with Lpath developing a novel wet AMD treatment that targets the underlying cause, unlike current standard of care which focuses on symptom treatment."

"We expect Pfizer to announce the divestiture of its rights to iSONEP soon, and we view Pfizer’s termination of the partnership as related to structural changes. The economics of Lpath would not change if the agreement is acquired by another partner, which we expect to be a large market leader. Larger players have sought out assets in wet AMD recently, including Allergan, Novo Nordisk, Roche, and Novartis, suggesting ample interest in the space. Importantly, Lpath was outbid in its attempts to reacquire iSONEP from Pfizer," he added.

For an analyst ratings summary and ratings history on Lpath Inc click here. For more ratings news on Lpath Inc click here.

Shares of Lpath Inc closed at $4.25 yesterday.

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