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Piper Jaffray Sees FDA Approving Inspire Pharmaceuticals Drug

Piper Jaffray says Inspire Pharmaceuticals (ISPH) has a good chance for Food and Drug Administration approval of its new drug Diquafosol.

Analyst Mark Karvosky sees stock price upside of $8 to $9 (he has a $16 target) if the biopharmaceutical company receives Food and Drug Administration approval with downside of $1 to $2 if the company is required to do additional trials. He says his clinical contacts continue to confirm that diquafosol's ability to clear the central region of the cornea is clinically meaningful. Still, he notes that the FDA may ask Inspire to complete an additional trial with central corneal clearing as its primary endpoint. He continues to rate the stock at outperform.

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