BofA/Merrill Lynch analyst Steve Byrne bumped his price target on Buy-rated Durata Therapeutics (NASDAQ: DRTX) to $22.00 (from $20.00) following recent FDA approval for Dalvance.
Byrne said while approval was expected the risk adjustment revisions to their model increased its DCF-derived PO to $22 from $20.
The analyst notes that shares are down 12% since the approval news, which they see as a particularly good buying opportunity.
For an analyst ratings summary and ratings history on Durata Therapeutics click here. For more ratings news on Durata Therapeutics click here.
Shares of Durata Therapeutics closed at $14.86 yesterday.
Sentiment: Strong Buy