How RBC Capital Called A 50% Gain In This Biotech Stock
Shares of Dyax Corp. (NASDAQ: DYAX) closed up more than 53 percent on Wednesday after the company announced positive results from an early-stage test of its drug DX-2930 on treatment of Hereditary Angioedema (HAE).
Benzinga had the chance to speak with Dyax's Executive Vice President of R&D, Dr. Burt Adelman, about what the results mean for the company.
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"These results are not necessarily better than we expected," Adelman told Benzinga, "but they certainly seem to be better than the market expected."
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Dyax representatives intend to meet with the FDA within the next few months to officially propose a clinical trial, the VP said. " According to the executive, the FDA's input will pave the way for a clearer timeline for DX-2930 and a potential path forward for the development process," the article said.
A Look Back
Here is a look back at how RBC Capital predicted something like this would happen.
On December 22, 2014, RBC Capital picked five small-cap biotechs to watch in 2015. The firm rated Dyax at Outperform, anticipating the release of topline results from a Phase 1b trial of DX-2930 for Hereditary Angioedema in the first quarter.
The analysts also pointed out that Dyax's partner Biogen Inc (NASDAQ: BIIB) was also expected to release top-line Phase 2 data of anti-LINGO trial for acute optic neuritis in early 2015 -- Dyax's partnership includes a 2.5 percent royalty rate.
However, RBC said it expected to stock to climb to $18 per share, and it is already trading above $25. Notwithstanding, the firm did see the upsurge coming.
Latest Ratings for DYAX
| Apr 2015 | RBC Capital | Maintains | Outperform | |
| Apr 2015 | Oppenheimer | Maintains | Outperform | |
| Apr 2015 | Leerink Swann | Maintains | Market Perform |
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