UPDATE: Brean Murray Carret Initiates Coverage on Gentium S.p.A.

According to a research report released this morning, Brean Murray Carret has initiated Gentium S.p.A. GENT with a Buy rating and $16 PT. In the report, Brean Murray Carret said, “We are initiating coverage of Gentium S.p.A. (GENT) with a Buy rating and a $16 target price, based on the value of defibrotide for hepatic veno‐occlusive disease, a frequently fatal side effect of stem cell transplantation. Highlighting the severity of the disease, Gentium is already profitable from defibrotide sales even though the drug is not approved anywhere in the world. We believe the current valuation is justified by the current sales trajectory, with significant upside potential (100%+) upon approval in the E.U., which we expect to occur this year.” Gentium closed yesterday at $8.93.