"We believe that the data was impressive and should lead to FDA approval as well as increased sales in the EU," says the team at Summer Street, commenting on the Phase III trial results for InterMune's (ITMN +158.4%) Pirfenidone.
"The trial met its primary endpoint, improved force vital capacity (p<0.000001). The company reported the trial also met several endpoints including six-minute walk test distance change (p=0.0360) and progression-free survival (p=0.0001). Pooled data from the ASCEND trial and the previous two phase III CAPACITY trials showed an statistically significant improvement in mortality (HR=0.52, log rank p=0.0107)."
Oppenheimer boosts its price target to $42 from $19.