After Selecta Biosciences (SELB) released "disappointing" data from its potential competitive program to Horizon Pharma's (HZNP) Krystexxa, Cowen analyst Ken Cacciatore said the news "virtually eliminates [SEL-212] as a threat" and far outweighs the modestly negative potential 340(B) timing change. While HHS is proposing to change the date on which 340(B) pricing would come into effect from July 1, 2019, to January 1, 2019, Cacciatore called this news "largely irrelevant" since his model for Horizon already assumed adjustments to the program beginning in July 2019, he added. He contends that the net of these two disclosures should be viewed "much more positively than negatively" and would be adding to Horizon positions, Cacciatore tells investors. He keeps an Outperform rating on Horizon Pharma shares with a $25 price target.