UPDATE: Ladenburg Thalmann Starts Catalyst Biosciences (CBIO) at Buy

(updated to add analyst comment)

Ladenburg Thalmann initiates coverage on Catalyst Biosciences (NASDAQ: CBIO) with a Buy rating and a price target of $11.00.

Anlayst Kevin DeGeeter comments (emphasis Street Insider) "Our upbeat investment thesis for shares of CBIO is based, at least in part, on an expectation that 1) hemophilia patients place a particularly high premium on a product’s safety profile and 2) factor replacement therapies are best positioned to demonstrate acceptable safety for prophylaxis. CBIO’s pipeline is built on developing subcutaneous formulations of Factor VIIa and Factor IX for treating clinically important subsets of hemophilia A and hemophilia B patients that are not suitable for alternative prophylaxis strategies. We expect peak sales of $245M for Factor VIIa SQ and $425M for Factor IX SQ. Our model calls for CBIO to commercialize both products in the U.S. and seek partners for other markets. Regarding near term news flow, we see two material potential catalysts in 2017; 1) presentation of interim data from the Phase I/II proof-of-concept study of subcutaneous Factor IX prophylaxis in severe hemophilia B in 4Q17, and 2) initiation of the Phase II/III study for subcutaneous Factor VIIa."

For an analyst ratings summary and ratings history on Catalyst Biosciences click here. For more ratings news on Catalyst Biosciences click here.

Shares of Catalyst Biosciences closed at $4.17 yesterday.

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