FBR Capital Reiterates Outperform on Cerus (CERS) Following FDA Approval
FBR Capital reiterated an Outperform rating and $10.00 price target on Cerus (NASDAQ: CERS) following the FDA's approval of INTERCEPT for the treatment of platelets suspended in 100% plasma.
Analyst Thomas Yip commented, "Earlier this morning, Cerus Corporation announced that the FDA has approved INTERCEPT for the treatment of platelets suspended in 100% plasma. We expect this label extension to improve compatibility with platelet collection methods currently used by major U.S. blood providers, including the American Red Cross, BSI, OneBlood, and many BCA members. This is the first of several label extension claims that we anticipated Cerus to pursue within the next 12–18 months, and this new approval represents an expected but crucial milestone in INTERCEPT's U.S. market ramp up. We note that INTERCEPT is already approved by the FDA for the treatment of platelets collected in Intersol, a platelet additive solution that is commonly used in Europe and gaining traction with U.S. blood providers. We expect additional U.S. blood providers to begin implementing INTERCEPT, as INTERCEPT is now approved for both platelet treatment methods by the FDA. We reiterate our Outperform rating."
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Shares of Cerus closed at $5.99 yesterday.