Wedbush Reiterates An Outperform On Anacor Following FDA Approval Of Kerydin


In a research note released yesterday, Wedbush analyst David Nierengarten reiterated an Outperform rating on Anacor Pharmaceuticals (ANAC) with a price target of $29.00, following the recent announcement that the FDA approved ANAC’s Kerydin (tavaborole) for the topical treatment of onychomycosis of the toenails.

Nierengartned commented, “With ~$100M in cash on hand, we are confident that ANAC could conduct a successful solo launch of Kerydin in the US targeting podiatrists, dermatologists and select primary care physicians”. The analyst continued, “We forecast $16M in Kerydin sales in the US in 2015, with sales rising to ~$350M in 2021. In comparison, Penlac, the first FDA-approved topical treatment for onychomycosis, had peak US sales of $143M in 2003 prior to generic entry. Compared to Penlac, Kerydin has demonstrated superior nail penetration and a more rapid mycological cure in patients during clinical testing”.

According to TipRanks.com, analyst David Nierengarten currently has an average return of 14.8% and a 50% success rate. Nierengarten is ranked #544 out of 3182 analysts.

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