BioCentury
ARTICLE | Financial News

Anacor still climbing on Phase II dermatitis data

March 23, 2013 12:20 AM UTC

Anacor Pharmaceuticals Inc. (NASDAQ:ANAC) gained an additional $1.24 (26%) to $6.08 on Friday after reporting data on Thursday from the Phase II AN2728-AD-204 trial evaluating AN2728 to treat atopic dermatitis. The stock jumped 26% on Thursday on the data. At least some of Friday's gain is due to a Wedbush analyst, who raised his price target for Anacor to $20 from $10 after incorporating AN2728 into his model. The analyst said AN2728 could lead to $1 billion in annual worldwide sales by 2021. Anacor's gains over the two days translate to a $80.8 million increase in market cap for a closing valuation on Friday of $219.2 million. ...