Friday, August 12, 2011

Analyst touts Pharmasset- PSI-7977

Associated Press
Ahead of the Bell: Analyst touts Pharmasset shares
By The Associated Press, 08.12.11, 09:21 AM EDT

Citing Pharmasset Inc. as "our best idea for our coverage universe," a Citi analyst named shares of the drug developer to a top picks list.
Analyst Yaron Werber said Friday in a research note Pharmasset's hepatitis C drug candidate PSI-7977 will become part of the backbone for treatments for the disease, due in part to its high potency.

Pharmasset, based in Princeton, N.J., has no products on the market. The company is running midstage clinical trials of PSI-7977 and in June said it was expanding one study. That news was seen as a strong indication the drug works.
Teh company is expected to report some study data later this year, and Werber forsees strong results.

In separate trials, PSI-7977 is being studied in combination with a Bristol-Myers Squibb Co. drug candidate and a Johnson & Johnson drug candidate. Pharmasset is also preparing to start a trial of PSI-7977 in combination with another one of its hepatitis C drug candidates, PSI-938.
The company said last month its fiscal third-quarter loss widened to $22.6 million, or 60 cents per share, due to continued development of the drug. It reported $246,000 in revenue, which comes from partnership payments from Swiss drugmaker Roche Holding AG.

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The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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