PharmAthene (NYSE: PIP) was upgraded by equities researchers at Rodman & Renshaw from a “market perform” rating to an “outperform” rating in a report issued on Monday. The firm currently has a $7.00 target price on the stock.
The analysts wrote, “The Delaware Chancery Court issued a Final Judgment with favorable economics to PharmAthene. Therefore, we are upgrading our rating fromMarket Perform (no Target Price) to Market Outperform with a new 12-month Target Price of $7/share. …We estimate that PharmAthene could derive over $150MM in royalties from the initial 1.7MM-treatment course contract that is in place betweendefense agency BARDA and SIGA. In our calculation, a further $965MM could be collected, if the government orders additional 12MM courses.”
Shares of PharmAthene traded up 3.21% during mid-day trading on Monday, hitting $1.61. PharmAthene has a one year low of $1.07 and a one year high of $3.80. The company’s market cap is $77.8 million.
PharmAthene, Inc. is a biodefense company engaged in the development and commercialization of medical countermeasures against biological and chemical weapons.