Oppenheimer Reiterates Outperform On Prosensa On The Back Of NDA Submission
In a research report issued Tuesday, Oppenheimer analyst Christopher Marai reiterated an Outperform rating on Prosensa Holding (NASDAQ:RNA) with a price target of $25, following Friday’s news that the company has initiated a rolling NDA for accelerated approval of drisapersen with the FDA.
Marai noted, “We view RNA as undervalued wth $200M EV and ~$95M in cash. IP value in the EU alone (US may also be dominant) makes RNA intrinsically undervalued. We est. 10% royalty is worth $450M, or $12/share. Partnering up-fronts and a potential rare pediatric disease priority review voucher (value ~$75M, last market sale) could provide nondilutive capital.” The analyst added, “We anticipate RNA’s valuation will increase when investors, as in the case of PTCT, gain comfort with the data and potential upside. Also see today’s reports on PTCT and SRPT”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher Marai has a total average return of 3.4% and a 47.8% success rate. Marai has a -32.3% average return when recommending RNA, and is ranked #1266 out of 3326 analysts.