ViroPharma target raised to $28 at WallachBeth (25.41)
WallachBeth raises their VPHM tgt to $28 from $24. The firm notes, VPHM's 2013
guidance looks aggressive, in particular relative to Cinryze revenue growth in
US. The firm expects Cinryze revenue growth to decelerate from 28% yoy in 2012
to 16% in 2013 as it becomes more difficult for the company to identify new
HAE patients. Longer term, they continue to like the orphan drug story
surrounding Cinryze and Plenadren. However, they believe high SG&A and R&D
expenses will continue to pressure margins, resulting to less than 20% profit
margin near term.