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[InvestorSuisse]

Canaccord ups AEterna price target

Canaccord Genuity has raised its price target on “speculative buy-rated” AEterna Zentaris (AEZS 1.86 ?6.06%) (NASDAQ:AEZS; TSX:AEZ (1.91 ?2.55%)) to $2.60 (U.S.) from $1.65 after updating its valuation to include the colorectal cancer indication for the company’s perifosine drug.

In a new report, analyst Neil Maruoka says he figures perifosine will have peak revenues of $400 million treating colorectal cancer and gives the drug a 55% probability of clinical success. That’s the same probability that he projects for perifosine’s multiple myeloma indication.

The drug has advanced into Phase 3 studies in multiple myeloma and colorectal cancer, and “we believe that results from these studies will be major drivers for the stock,” he added.

http://biotuesday.ca/2010/05/14/canaccord-ups-aeterna-price-target/