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JMP initiates coverage of Pharmaxis at market outperform
Pharmaxis Ltd. coverage was initiated by JMP Research analyst Adam Cutler at a market outperform rating and a $31 price target. The company has two products in late-stage development, Aridol for diagnosis and management of asthma and chronic obstructive pulmonary disease and Bronchitol for cystic fibrosis and COPD. Its early stage pipeline is focused on inflammatory and autoimmune disorders such as rheumatoid arthritis and multiple sclerosis. Shares of the Frenchs Forest, Australia, drug development company were unchanged at $24.16.
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