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Tesaro target raised to $198 by Credit Suisse; buy maintained

March 3, 2017

Credit Suisse raised its price target on Tesaro (NASDAQ: TSRO) to $198.00 (from $151.00) while maintaining a rating.

Analyst Alethia Young comments “We would expect the takeout to occur at levels higher than current trading. We think oncology assets remain scarce with many global biopharma players looking for them. We would expect this could increase the bidding pressure for Tesaro’s PARP and emerging IO franchise. In a previous note, we have highlighted ranges based on various scenarios. From the conference call, we learned the company is continuing to make progress in expanding development for their PARP niraparib as well as their IO platform. Over the course of 2017 we expect to learn more about niraparib’s profile in other indications outside of ovarian cancer as well as learn more about the development strategy for the IO portfolio. We view the IO platform as a key driver of upside due to the company having many novel assets in house (PD1, TIM-3, LAG-3).”


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