פתחים סמויים מהעין

Keryx Biopharma started with a Buy at Jefferies; tgt $24 (14.05 )

Co initiates Keryx with a Buy rating and $24 price target. The co's impressive late-stage pipeline, which includes KRX-101 for diabetic nephropathy (DN) and KRX-0401 for multiple types of cancer, targets serious unmet medical needs and large market opportunities. Clinical trial results to date have been positive, increasing the firm's confidence in the prospects for multiple drug approvals. The co's advancing pipeline, strong management team, solid balance sheet, and reasonable valuation support the Buy rating.

PARS initiated at Outperform with $9 target at RBC (3.43 )

RBC Capital initiates Pharmos Corp. with an Outperform and $9 target. The firm says Pharmos is a compelling investment based on likely positive Phase III results for lead investigational drug Dexanabinol in TBI in Q4 and FDA approval by mid-2006. The firm values the worldwide TBI market at $1.1 bln and believes Dexanabinol sales could reach $600 mln four years after launch with additional upside possible from expanded uses.

PCYC Pharmacyclics started with an Outperform at RBC; tgt $21 (11.91 )

RBC Capital initiates coverage of PCYC with an Outperform rating and $21 target; firm finds PCYC to be a compelling investment based on expectations of positive Phase III results, anticipated in 2H05, for Xcytrin to improve radiation therapy for non-small cell lung cancer patients with brain metastases. Firm values the worldwide mkt for this indication at $2 bln and estimates that Xcytrin could exceed $1 bln in worldwide sales four years after launch.