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.
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