Bank of America Reiterates Buy and PT of $40 on Ardea Biosciences

Bank of America reiterated its Buy rating and PT of $40 on Ardea Biosciences RDEA. In a research report published today, Bank of America states, "We rate RDEA shares Buy and derive our PO from expectations that RDEA594 could take meaningful share in the US gout market upon launch. Current valuation leaves room for upside from positive upcoming clinical trial data and securing a marketing partner or company sale. The risk to our thesis is unexpected safety issues that could develop in phase 3 trials." On Wednesday, Ardea added 3.25% to its value to finish the day at $23.22. Its shares continued to surge in today's pre-market trading, rising 4.44% to $24.25.