Cowen reiterated an Outperform rating on Aquinox Pharmaceutical (NASDAQ: AQXP), and raised the price target to $24.00 (from $14.00), following the company's R&D day. AQXP presented positive Ph2 AQXP-1125 LEADERSHIP BPS/IC trial data, at the event.

Analyst Ritu Baral commented, "AQXP presented additional positive Ph2 AQXP-1125 LEADERSHIP BPS/IC trial data detail at its R&D day. We believe the proposed BPS/IC Phase 3 trial looks well designed and powered and has good chance of success, addressing a key unmet medical need. Our new $24 target (from $14) is driven by larger peak market share."

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Shares of Aquinox Pharmaceutical closed at $12.90 yesterday.