Jefferies Gives Update On RDEA

Jefferies is maintaining its Buy rating and its $32 price target on Ardea Biosciences RDEA in light of recent data reported on the company's gout therapy In the report, Jefferies writes, “RDEA released 28-week extension data along with incremental data from Study 203 evaluating the combination of lesinurad (RDEA594) and allopurinol in allopurinol non-responders. These data are the first long-term data presented for the combination, and suggest a durable response and continued safe profile. We believe lesinurad could become the standard of care for the second- line treatment of gout and address a $1b+ market opportunity.” RDEA closed yesterday at $23.22