Needham Comments on Other Stocks in RNAi Following Merck's Deal to Buy Sirna Therapeutics
Commenting on the implications of Merck's (NYSE: MRK) acquisition of RNAi company Sirna Therapeutics (Nasdaq: RNAI), at a 102% premium, on its coverage universe, Needham said, "We believe the news validates the efforts of RNAi therapeutics companies Alnylam (Nasdaq: ALNY) and Nastech Pharmaceuticals (Nasdaq: NSTK) as well as oligonucleotide –focused companies such as Isis Pharmaceuticals (Nasdaq: ISIS).
The firm said, "Although Novartis (NYSE: NVS), GSK (NYSE: GSK), Merck, and Pfizer (NYSE: PFE) have in the past year made forays into the RNAi field through various alliances, we believe the acquisition of Sirna, a Phase 1 company, by Merck signals a major shift in perception by large PHRMA about the prospects for RNAi therapeutics as a novel therapeutic class joining the ranks of small molecules and antibodies as key drug modalities."
Needham has a Buy rating and $22 price target on ALNY, a Buy rating and $21 price target on NSTK and a Buy rating and $13 price target on ISIS.
The firm said, "Although Novartis (NYSE: NVS), GSK (NYSE: GSK), Merck, and Pfizer (NYSE: PFE) have in the past year made forays into the RNAi field through various alliances, we believe the acquisition of Sirna, a Phase 1 company, by Merck signals a major shift in perception by large PHRMA about the prospects for RNAi therapeutics as a novel therapeutic class joining the ranks of small molecules and antibodies as key drug modalities."
Needham has a Buy rating and $22 price target on ALNY, a Buy rating and $21 price target on NSTK and a Buy rating and $13 price target on ISIS.
posted by Lon @ 9:32 AM
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