Uniqure NV (NASDAQ:QURE) shares were on the rise Monday after the company announced a landmark platform deal with Bristol-Myers Squibb Co (NYSE:BMY) which will include the company's proprietary congestive heart failure program targeting S100A1, a calcium sensor and master regulator of heart function (currently in pre-clinical development).
Subsequently, Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating on the stock and raised the price target to $40 (from $35), which represents a potential upside of 16% from where the stock is currently trading.
Schimmer noted, "The importance of this deal is multi-fold, in that it: 1) helps validate QURE's gene therapy platform and baculovirus manufacturing capabilities and highlights the company's leadership in this field; 2) locks in value for the S100A1 program ahead of CLDN's P2b data in April; 3) helps takes the pressure off Glybera EU launch and sets up the stock for hemophilia B data in 2H15; and 4) includes an equity deal at $33.84/ share well ahead of latest close of $22.86/share."
According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Joshua Schimmer has a total average return of 15.0% and a 60.2% success rate. Schimmer is ranked #284 out of 3568 analysts.