After meeting with management, JMP Securities analyst Liisa Bayko reiterates an Outperform rating on DBV Technologies with a $20 price target. The reception to the Pepites publication in the Journal of the American Medical Association at the American Academy of Allergy, Asthma & Immunology meeting has been positive, Bayko tells investors in a research note. The analyst believes new data cuts showing that the proportion of patients improving on DBV's Viaskin Peanut and getting worse on placebo "support the case for the overall risk reduction profile." Importantly, the rate of anaphylaxis in the study is low at 10 cases in eight patients with only six requiring epinephrine, says Bayko. She continues to look for the Viaskin Peanut biologics license application resubmission in Q3 of 2019.