Furiex Pharmaceuticals’s “Buy” Rating Reaffirmed at Canaccord Genuity (FURX)
Canaccord Genuity reiterated their buy rating on shares of Furiex Pharmaceuticals (NASDAQ: FURX) in a research note issued to investors on Friday. The firm currently has a $47.00 target price on the stock, up from their previous target price of $45.00.
“FURX reported 4Q upside driven by higher than expected royalty income and lower R&D spend, which was impacted by timing. Progress continues on both Nesina (alogliptin and combo products) with recent approval in the US (commercialized by Takeda) as well as MuDelta with the two pivotal phase III trials now 55% enrolled (timing for early 2014 data read remains on track). Royalty driven cash flow base remains stable, with 2H2013 anticipated milestones expected to add to cash balance. Reiterate our BUY rating and raise our target to $47 from $45.,” the firm’s analyst commented.
A number of other firms have also recently commented on FURX. Analysts at Zacks upgraded shares of Furiex Pharmaceuticals from a neutral rating to an outperform rating in a research note to investors on Wednesday, January 30th. They now have a $37.10 price target on the stock. Analysts at Ladenburg Thalmann raised their price target on shares of Furiex Pharmaceuticals from $33.00 to $38.00 in a research note to investors on Monday, January 28th. They now have a buy rating on the stock.
Furiex Pharmaceuticals traded down 1.80% on Friday, hitting $40.85. Furiex Pharmaceuticals has a 1-year low of $12.16 and a 1-year high of $42.30. The stock’s 50-day moving average is currently $34.31. The company’s market cap is $409.1 million.
Furiex Pharmaceuticals, Inc. is a drug development collaboration company. The Company’s product pipeline includes two marketed products and three programs in development, including late-stage compounds, in multiple therapeutic areas.
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