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Tetraphase target upped to $7 by Stifel

March 10, 2017

Stifel raised its price target on Tetraphase Pharmaceuticals (NASDAQ: TTPH) to $7.00 (from $5.00) while maintaining a Hold rating. TTPH reported a net loss of $20M, or $(0.61)/share, wider than the Consensus of $(0.55).

Analyst Stephen Willey commented, “We continue to find TTPH shares increasingly interesting ahead of YE17 P3 IGNITE4 data and FY17 P1 data read-outs for pipeline assets, which we believe could prove longer-term sources of additional value (particularly TP-6076). We acknowledge the prospect of complicated intra-abdominal infections (cIAI) as a standalone indication for IV eravacycline isn’t likely to meaningfully shift investor enthusiasm into overdrive. However, we view potentially positive IGNITE4 data as an important de-risking event, which should increase anticipation around P3 IGNITE3 data in complicated urinary tract infections (cUTI) – the much larger gram-negative indication (in our view) in which the once-daily (QD) dosing profile of IV eravacycline and specific pathogen coverage can better serve as a point of competitive differentiation. We view any positive update on the viability of an oral eravacycline formulation (expected 3Q17) as another potential source of longer-term upside unaccounted for in our model. Target price raised to $7 (previously $5).”


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