Courtesy of Benzinga.
Shares of Retrophin Inc (NASDAQ: RTRX) climbed more than 4 percent after it gave positive updated DUET data at the ASN meeting. Following this development, BMO analyst Do Kim raised the price target of the Outperform-rated Retrophin shares to $46 from $40.
The revised target price implies potential upside of 129 percent over Friday’s close of $20.08.
The DUET study analyzes sparsentan for the treatment of focal segmental glomerulosclerosis (FSGS), a rare kidney disorder.
“Our probability of success for Sparsentan increases to 55% from 45%, as we believe the results strengthen Retrophin’s case for accelerated filing and launch in 2017,” Kim wrote in a note.
The analyst believes the FDA will consider a dose titration for approval given an apparent dose-response in efficacy and tolerability (hypotension), with manageable edema rates.
Sparsentan saw 12 percent edema rate versus 3 percent for irbesartan and it’s a considerable improvement over ERAS, and in line with previous hypertension studies. Furthermore, data showed no meaningful worsening of edema from baseline.
“FDA acceptance of the proteinuria endpoint remains a risk, but we see growing evidence for proteinuria as a surrogate to kidney survival,” Kim added.
At last check, shares of Retrophin were up 4.6 percent to $21.
Latest Ratings for RTRX
Date | Firm | Action | From | To |
---|---|---|---|---|
Apr 2016 | BMO Capital | Initiates Coverage on | Outperform | |
Nov 2015 | JMP Securities | Initiates Coverage on | Market Outperform | |
Jun 2015 | Deutsche Bank | Maintains | Buy |
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