JMP reiterates Cubist at strong buy

Cubist Pharmaceuticals, Inc. was reiterated at a strong buy with a $30.00 target price by JMP Securities analyst Adam Cutler after the company announced the FDA issued an approvable letter for its supplemental New Drug Application for Cubicin to include bacteremia and endocarditis. JMP said it was expecting an outright approval and said that Cubist's shares may trade down as a result of a possible two-month delay. Cutler added that any weakness represents a buying opportunity. Shares of the Lexington, Mass.-based biopharmaceutical company were down 89 cents, or 3.64%, to $23.56 on volume of 1,932,738 shares versus the three-month running average of 711,046 shares. (Nasdaq: CBST)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.