Wednesday January 2, 04:09 PM
Cougar Biotechnology initiated with "market outperform"
NEW YORK, January 2 (newratings.com) - Analysts at Rodman & Renshaw initiate coverage of Cougar Biotechnology (CGRB.OB - news) (ticker:
CGRB) with a "market outperform" rating. The target price is set to $36.
In a research note published yesterday, the analysts mention that the company's lead compound, abiraterone acetate, has been showing positive results in chemotherapy-naïve and hormone-refractory prostate cancer patients. The analysts expect Cougar Biotechnology to initiate the Phase III trial for abiraterone acetate for both categories of patients in 2008, with a possibility of the drug being launched in 2011. The market adoption of abiraterone acetate could be rapid and the use of the drug could extend to various therapies in case the Phase III trial is successful, Rodman & Renshaw adds.
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