Anacor Pharmaceuticals Inc. (NASDAQ:ANAC) has released results from a series of studies testing the use of a topical ointment for Atopic Dermatitis. Around 12% of the company’s shares, which are float, are short sold. Jefferies increased their price target on Anacor Pharmaceuticals Inc from $57 to $70. On the date of report, the stock closed at $56.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The shares were sold at an average price of $63.73, for a total transaction of $568,471.60.
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Several other analysts have also recently commented on the stock. On a consensus basis this yields to a Buy rating.
REUTERS: Anacor Pharmaceuticals Inc’s experimental skin ointment succeeded in late-stage studies, taking the drugmaker a step closer to having a potential blockbuster in its portfolio and raising expectations that it could be taken over. Of those five, four have a Buy rating, one has a Hold rating. Analysts expect that Anacor Pharmaceuticals will post $-1.15 EPS for the current fiscal year. The consensus target price stands at $75.
The analyst continued, “We note that our sales ramp is similar to that observed early in the launch of Protopic and Elidel, the last non-steroidal topical therapies approved for AD. Our sales estimates are based on a $1,500 per patient per year price for crisaborole, conservatively in-line to a small premium to the annualized per patient revenue for Elidel, which is specifically approved for the mild-to-moderate AD population”.
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Aiming to provide a respite to 18-25 million people in the United States who suffer from atopic dermatitis, Anacor Pharma has announced the success of the preliminary trials of Crisaborole, establishing the effectiveness of this medication in curing skin rashes. In addition, it is engaged in the development of other wholly-owned clinical product candidates, AN2718 and AN2898, which are backup compounds to tavaborole and AN2728, respectively, and AN3365, an antibiotic for the treatment of infections caused by Gram-negative bacteria.
