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Fly News Breaks for January 22, 2020
CNCE
Jan 22, 2020 | 14:04 EDT
SunTrust analyst Joon Lee maintained a Buy rating on Concert Pharmaceuticals and raised his price target on the shares to $30 from $25 after the company announced the issuance of patent No.16/098,338 claiming composition of matter and method of use protection for CTP-543 in treating alopecia areata. Lee said the update "boosts prospects" for extended exclusivity of CTP-543. The analyst added that he thinks data from the company's QD dosing may have helped and notes that the new patent was issued with the USPTO's understanding of ongoing litigation, which gives him greater conviction on the novelty and defensibility of new patent claims.
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