Cowen reiterated an Outperform rating and $70.00 price target on Spark Therapeutics (NASDAQ: ONCE) following the company's announcement that SPK-RPE65's pivotal trial succeeded, producing strong data. Today's reported top-line results refer to the intent-to-treat (ITT) population, the most stringent efficacy analysis that the company and the FDA have agreed upon. The company noted that those treated with SPK-RPE65 improved by an average of 1.8 light levels while control improved by 0.2 light levels.

Analyst Phil Nadeau commented, "This morning Spark announced that SPK-RPE65's pivotal trial succeeded, producing strong data. The primary mobility test endpoint was hit (p=0.001) as were two of three secondary endpoints (full-field light sensitivity and first-eye mobility test). We think these data will support worldwide regulatory approvals, and drive wide adoption among patients with RPE65-mediated inherited retinal disorders."

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Shares of Spark Therapeutics closed at $43.93 yesterday.