Oppenheimer Reports Buying Opportunity On Ardea Biosciences

According to Oppenheimer, Ardea Biosciences RDEA reported additional lesinurad data at the annual EULAR conference, more detail from the Phase IIb study of lesinurad in combination with Allopurinol. Oppenheimer said that, “Importantly, (1) we view the high rate (91%) of sustained uric acid lowering at 28-weeks of the extension period, using predominately the lowest dose of lesinurad (200mg), as impressive. (2) We believe final data from Study 203 supports the encouraging top-line data, and note the lesinurad/allopurinol combination was well tolerated during the extension period, with infrequent AEs. (3) We believe Phase III initiation (by 4Q11) and/or lesinurad partnering decision (by 2H11) represent the next potential catalysts for shares, and (4) we would remain buyers on the recent weakness in RDEA shares.” Ardea Biosciences closed yesterday at $23.22.