Cephalon initiated with "buy"
Friday, October 17, 2003 11:13:47 AM ET
WR Hambrecht & Co
NEW YORK, October 17 (New Ratings) – Analyst Louis C Webb of WR Hambrecht initiates coverage of Cephalon (CEPH) with a "buy" rating. The target price is set to $62.
Shares of Cephalon, a company that develops neurological and oncology drugs, are currently trading at $47.33.
According to WR Hambrecht’s research note published this morning, two of the company’s leading drugs, Provigil and Gabitril, could have various new areas of application. The analyst believes that the FDA would extend the indications for Provigil, a central nervous system stimulant.
Gabitril, an anti-epileptic drug, is being recommended for anxiety, neuropathic pain and insomnia, the analyst states. According to WR Hambrecht, another product, Actiq, is at present the only non-invasive treatment for pain relief for patients with malignant cancer. Cephalon also has several new proprietary drugs in the pipeline in neurology and oncology, the analysts observe.
The EPS estimates for 2003 and 2004 are $1.43 and $2.02, respectively. The P/E estimates for 2003 and 2004 are 33.0x and 23.5x, respectively.
WR Hambrecht initiates coverage of Cephalon with a "buy" rating.
[The full report is available at wrhambrecht.com ] |
