uniQure BV (QURE) Sell-Off 'Unfounded' - Oppenheimer
Oppenheimer Christopher Marai views yesterday's nearly 17% sell-off in uniQure BV (NASDAQ: QURE) unfounded. As such, the firm reiterated an Outperform rating and price target of $50.
uniQure reported 3Q15, ending the quarter with $215M in cash.
Marai commented, "Importantly, QURE clarified the timeline for AMT-060 top-line data for low-dose cohort in hemophilia-B expected January, 2016. Data to include 12-week safety and FIX-expression levels in 2 patients as noted at their R&D Day. We view 3-5% FIX-expression levels as success, though longer term durability will eventually be key. Recall data from St. Jude's study for the same gene resulted in 85% reduction in use of recombinant factor-IX over 4-years, effectively turning the disease into a milder form. Importantly, we expect clean safety of AMT-060 AAV5-vector as 8 patients previously treated for AIP with this construct displayed strong safety. We view Nov. 30 sell-off as unfounded."
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Shares of uniQure BV closed at $18.78 yesterday.