MLV analyst Vernon Bernardino is out with a research report on RedHill Biopharma (NASDAQ:RDHL), reiterating a Buy rating and a $25 price target, which represents a potential upside of 104% from where the stock is currently trading. The report follows the news that the company has submitted a Marketing Authorization Application (MAA) for use of its Bekinda (formerly RB-102) as an anti-emetic in the oncology setting.
Bernardino noted, “We make no changes to our model, but would revisit our projections upon further insight into RedHill’s strategy and timing with Bekinda commercialization. With the stock up 50% from recent lows, yet 104% upside to our $25 PT, we believe the stock continues to be at levels attractive for opening new positions.”
The analyst continued, “We look for near-term milestones, such as potential initiation of Ph 3 with RHB-104 in Crohn’s in the EU in 4Q14, topline data from the ongoing RHB-105 Ph 3 in Helicobacter pylori in 1H15, and potential EU approval of Rizaport (rizatriptan) for migraines in mid-2015, as catalysts for further stock appreciation.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Vernon Bernardino has a total average return of -23.0% and a 18.2% success rate. Bernardino has a 52.5% average return when recommending RDHL, and is ranked #3362 out of 3401 analysts.