Company

Bank

Analyst

Coverage

Opinion

Wk chg

4/20 cls

Endocyte Inc. (NASDAQ:ECYT)

Baird

Christopher Raymond

Price target

Neutral

95%

$7.41

Leerink

Howard Liang

Price target

Market perform

RBC Capital Markets

Jason Kantor

Price target

Outperform

Raymond raised his target to $9 from $5 after Endocyte granted Merck & Co. Inc. (NYSE:MRK) exclusive, worldwide rights to develop and commercialize Phase III cancer compound vintafolide (EC145). Endocyte will receive $120M up front and is eligible for up to $880M in milestones, plus an equal share of U.S. profits and double-digit royalties on sales outside the U.S. (see "Merck's Platinum Play," A6). Vintafolide is a combination of folate vitamin B9 linked to alkaloid chemotherapy agent desacetylvinblastine monohydrazide.