Piper expects shares of Sophiris Bio to open 'sharply higher'
Piper Jaffray analyst Christopher Raymond expects shares of Sophiris Bio to open "sharply higher" on this morning's formal confirmation that topsalysin was not a factor in a patient death seen in the drug's Phase 2b study in patients with localized prostate cancer. In that the death "cast a pall over an otherwise positive data release, we expect the stock to react favorably this morning," Raymond tells investors in a research note. He points out that moving forward, Sophiris has indicated a Phase 3 study confirming the clinical response rate is planned likely next year. The analyst likes the set-up for topsalysin and keeps an Overweight rating on Sophiris Bio with a $7 price target. The stock in premarket trading is up 23%, or 58c, to $3.14.