Oppenheimer Has Outperform On Optimer Pharmaceuticals (OPTR)

Oppenheimer & Co. has an Outperform rating and a $17 price target on shares of Optimer Pharmaceuticals OPTR. In a note to clients, Oppenheimer writes, "On 4/6, OPTR announced a two-year co-promote agreement with CBST for DIFICID (fidaxomicin). We note that CBST entered into a similar agreement with AZN for Merrem which was not renewed upon expiration. As per the agreement, OPTR will pay a $3.75M quarterly fee to CBST for their promotional efforts as well as additional fees should sales exceed an unspecified threshold. Along with CBST's sales effort, we expect OPTR to hire ~100 reps by the planned launch in August to target hospitals and long-term care facilities. Notably, we continue to anticipate inclusion of language demonstrating DIFICID's superiority vs. vancomycin to provide sustained resolution of CDAD. We are adjusting our estimates to reflect the terms of the agreement." Shares of OPTR lost 81 cents yesterday to close at $12.99.