14:59 PARD Poniard Pharma tgt raised to $15 at Rodman & Renshaw following presentation at ASCO (4.49 +0.00)Rodman & Renshaw raise their tgt to $15 from $10 following the co's presentation of updated data from two Phase II picoplatin trials in colorectal and prostate at this year's ASCO. The firm notes that based on these updated data, which present a consistent picture of a compound that is combinable with multiple backbone chemotherapies, with similar efficacy and significantly improved safety, the firm considers the compound and the program further de-risked and have increased confidence in their view of picoplatin, and its potential use in multiple solid tumor settings. The firm's new price values Poniard at approximately $500 mln, which they believe represents a more appropriate valuation level for the company, given the compound's potential to be used in multiple tumor settings, the fact that it is a Phase III asset with data coming up, and the mgmt team has a strong record of successes in oncology, as well as, the potentailly strong interest for either a worldwide partnership, or an outright acquisition by a large pharma company with interest and expertise in the oncology chemotherapy setting.
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