BofA initiates NPS Pharmaceuticals at Buy, sees big upside • 9:23 AM
•BofA starts NPS Pharmaceuticals (NPSP) at Buy.
•It looks like BofA is valuing Gattex (which is apparently seeing some off-label reimbursement of late) at around $23/share and Natpara (which may end up having higher peak sales than Gattex if you buy Leerink's thinking) at $20.
•Adding another $2 for royalties brings the price target to $45, representing a 35% premium to Wednesday's close.
•NPSP +1.4% premarket.