Albireo Pharma Inc Has a New Rating from Needham

By Carrie Williams

Needham analyst Alan Carr initiated coverage with a Buy rating on Albireo Pharma Inc (NASDAQ: ALBO) today and set a price target of $50. The company’s shares opened today at $35.

Carr observed:

“Albireo mgmt hosted a 4Q17 conference call today to provide a corporate update. Company remains on track for initiation of Phase 3 testing of IBAT inhibitor A4250 in Progressive Familiar Intrahepatic Cholestasis (PFIC) in the near future. As a reminder, Albireo presented encouraging data from a Phase 2 trial in rare pediatric cholestatic liver diseases, including PFIC, in 2017. Mgmt guided for Phase 3 top-line results by YE19, w/ regulatory submissions shortly thereafter. Albireo also plans to evaluate elobixibat in Non-Alcoholic Steatohepatitis (NASH), although not until early 2019. Evaluation of A4250 in other rare pediatric cholestatic liver diseases and testing of A3384 in Bile Acid Malabsorption is still planned, but deprioritized in order to focus on A4250 in PFIC. We believe stock is undervalued and reiterate BUY.”

According to TipRanks.com, Carr is a 4-star analyst with an average return of 8.6% and a 45.6% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, ACADIA Pharmaceuticals Inc, and Rhythm Pharmaceuticals Inc.

Albireo Pharma Inc has an analyst consensus of Moderate Buy, with a price target consensus of $56.50.

The company has a one-year high of $39.87 and a one-year low of $15.31. Currently, Albireo Pharma Inc has an average volume of 72.42K.

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