Piper Jaffray Reiterates Inspire Pharmaceuticals OW Rating, $10 PT

Piper Jaffray reports that on Monday, Inspire Pharmaceuticals, Inc. ISPH announced that partner Santen Pharmaceuticals launched Diquas ophthalmic solution 3% (diquafosol) in Japan. “We believe the Diquas opportunity in Japan is meaningful for ISPH, with peak annual royalties of up to $25M,” Piper Jaffray writes. “With eye care revenues well positioned for long-term growth, and our continued confidence that Phase III data for lead product candidate denufosol for cystic fibrosis (CF) will be positive, we believe the risk/reward profile for ISPH shares is favorable. We reiterate our Overweight rating and $10 PT.” Inspire Pharmaceuticals currently trades at $7.22.