RBC Capital analyst Gregory Renza raised the firm’s price target on Prometheus to $111 from $66 and keeps an Outperform rating on the shares following today’s report of topline data on PRA023 from the phase IIb trial in ulcerative colitis and phase IIa trial in Crohn’s disease. His higher target is based on an increased view of the odds of success of the IBD programs and deeper penetrations, noted Renza, who published his note before the company announced after market close that it intends to offer and sell, subject to market and other conditions, $250M of shares of its common stock in an underwritten public offering.
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