ANSV
And the geniuses at Zack's upgrade to buy. $11 price target???
Upgrading Anesiva to a Buy
Thursday August 16, 1:53 pm ET
By Zacks Equity Research
Pounding the table on a small-cap drug developer Anesiva, Inc. (NasdaqGM: ANSV - News) [formerly known as Corgentech] is Zacks senior biotech analyst Jason Napodano, CFA. We excerpted the following from today\'s Buy report:
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We are upgrading our rating on Anesiva to Buy from Hold based on several visible catalysts expected over the next few months. We see $11 as fair-value.
Anesiva has two candidates in various stages of clinical development. In late November 2006, the company filed a New Drug Application (NDA) for lead candidate Zingo (formerly known as 3268). The NDA filing was accepted recently and the drug\'s PDUFA [Presciption Drug User Fee Act] date is September 24, 2007. Meanwhile, Anesiva will initiate several phase II clinical trials for Adlea, the company\'s second pain management candidate, in the second half of 2007.
We think that the shares are undervalued, misunderstood and poised for a big run over the next several quarters given the expected approval of Zingo in September 2007. Anesiva is also seeking to expand Zingo\'s product label to include the adult setting. Meanwhile, Adlea should move into phase III trials later this year. This should help drive the shares to our $11 price target, which we arrive at by discounting our 2011 EPS [earnings per share] estimate of $1.35, applying a peer-group average multiple of 25x, back to present day at 25%.
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