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CIBC Keeps Sector Perform on Dov Pharmaceutical

CIBC World keeps sector perform on Dov Pharmaceutical (DOVP)

Analyst Matt Geller say Dov and Merck are in a licensing deal for DOV 216,303 and DOV 21,947, which are Dov's triple uptake inhibitors for depression, anxiety, and addiction. He notes Dov will get an upfront payment of $35 million, as well as up to $420 million in milestones -- $300 million for for clinical, and regulatory, and $120 million for sales.

Geller believes this news is a strong indication that soon-to-be-released Phase III data for 216,303 are positive. He says, in his view, this adds substantial value to Dov, which he believes is among the best small-cap values in biotech. He has a $23 target.

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