Versant maintains Transition BUY Rating @$22
Thought someone would have posted this on this board by now.....
Don't have the full report which is only 2 pages anyways. Synopsis probably says it all.
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Date: 24-Dec-07
Author: Douglas Loe
Contributor: Versant Partners
Title: Transition Therapeutics Initiates Phase II Alzheimer’s Disease Trial.
Synopsis
Transition and partner Elan announced that the first patient in a 340-patient Phase II trial testing AZD-103 (syllo-inositol) for the treatment of Alzheimer’s disease (AD) has been dosed. Mildy positive but neutral to valuation as we already assumed that Elan would initiate a Phase II trial with AZD-103 by year-end or Q1/08. Our model assumes AZD-103 will be launched in F2012. Maintaining BUY rating and $22.00 target – valuation based on NPV, 30x multiple of F2013 EPS (discounted at 40%) and Comparables.