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Needham Upgrades CV Therapeutics

Needham upgrades CV Therapeutics (CVTX) to strong buy from buy.

Analyst Mark Monane says CV Therapeutics is a buying opportunity given the abundant imminent newsflow. He says the company is developing a solid near-term and long-term strategy.

He says its ERICA Phase 3 trial data is expected in late April/early May, which if positive will lead to a supplemental New Drug application (sNDA) in the second half of the year.

Monane notes the company plans to launch a 150 person salesforce to promote Aceon in the second quarter and third quarter, allowing it to build out its salesforce in anticipation of the 2006 Ranexa launch.

He expects Phase 3 data from two trials testing Regadenoson in cardiac imaging in the third quarter and fourth quarter. He has a $30 target and sees a $6.19 2005 loss and a $3.54 2006 loss.

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