Tetraphase Pharmaceuticals (TTPH) PT Raised to $13 at BMO Capital

BMO Capital analyst M. Ian Somaiya raised his price target on Tetraphase Pharmaceuticals (NASDAQ: TTPH) to $13.00 (from $12.00) while maintaining a Outperform rating following positive results from the second Phase 3 trial of the company’s lead antibiotic, eravacycline, in complicated intra-abdominal infection (cIAI).

"We expect faster recruitment of the IGNITE 3 trial in the larger cUTI indication (complete enrollment 4Q17) to accelerate regulatory timelines by ~6 months vs. our 2020 launch estimates," Somaiya said. "These developments and clinical updates on oral formulation of eravacycline in 3Q17 make TTPH the best recovery play in our coverage universe."

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