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Wachovia Keeps 'Outperform' on Nabi Biopharmaceuticals

Wachovia reiterates outperform on Nabi Biopharmaceuticals (NABI).

Analyst Martin Auster says Nabi plans to file a marketing authorization application in the European Union for StaphVax, its lead pipeline drug for prevention of Staph infections, by the end of 2004 -- two years ahead of schedule. He says this news is positive, as he'd assumed Nabi would initially pursue U.S. approval, followed by EU approval.

Auster plans to add EU StaphVax revenues to his Nabi model sometime soon. Given the drugmaker's planned submission of application by the end of 2004, and its request for priority review, Auster sees the potential for StaphVax to be marketed in the EU by the end of 2005. He has a $12 to $14 price target.

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