Oppenheimer Raises RDEA Target To $32 From $27

Oppenheimer is raising its target on shares of Ardea Biosciences, Inc. RDEA to $32 on Positive '594 Data. “We are raising our PT to $32 from $27 on the positive Phase IIb data,” Oppenheimer writes. “Specifically, we have raised our estimate of probability of success of '594 in gout from 50% to 55%, which increases our probability-weighted 2016 EPS estimate from $1.73 to $1.84.” Ardea Biosciences currently trades at $26.09.