Jefferies hikes target on Cempra

|By:, SA News Editor

Jefferies is out reiterating a Buy rating on Cempra (CEMP -9.4%) on the heels of Monday night's solithromycin and Taksta update.

The company notes that it has initiated a Phase 3 study of Solitaire-IV in CABP and says it expects a top-line read-out from Phase 3 Solitaire-Oral in "mid-2014." (PR)

Analyst Eun Yang says a "potential commercial partnership for solithromycin is likely after [the] first Phase 3 data in CABP" an event he expects will "offer meaningful upside from current levels."

Price target raised to $16 from $14.