Roth Capital affirms Concert Pharmaceuticals, Inc. (CNCE) at Buy and moves its price target from $19 up to $22 following Q1 results and corporate update issued by the company ahead of the opening bell Friday.

Analyst Joseph Pantginis noted that CNCE reported Q1 loss of $0.48 per share, versus the firm's loss estimate of $0.28 per share.

Pantginis commented, While the stock may see some temporary pressure, in our belief, based on the JZP-386 news, we remain focused on the totality of the opportunities at the company.

We are also adding CTP-656 (D-ivacaftor) to our valuation based on its entry to clinical testing. The Phase I program consists of single and multiple ascending dose studies as well as direct comparison to Kalydeco. Top-line data is expected in late 2015/early 2016. AVP-786 is expected to enter Phase III for Alzheimer's agitation in late 2015. A Phase II is ongoing in treatment resistant major depressive disorder with data expected mid-2016. CTP-730 is in a multiple ascending dose Phase I with completion expected in 3Q15, which should trigger a milestone from Celgene. Regarding CTP-499, SPA negotiations with the FDA continue (e.g. protocol designs) and following the consummation of an agreement, we believe this will be instrumental in partnering the asset.

With the recent Teva acquisition of Auspex, recall that Concert is entitled to 1.44 percent of the transaction or ~$50 million, which could be received in ~3Q15.

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