JMP keeps NPS at market outperform

NPS Pharmaceuticals, Inc. was reiterated at market outperform with a $22 price target by JMP Securities analyst Charles C. Duncan. The company released top line results from the phase 2a study of teduglutide for the treatment of moderate to severe Crohn's disease. Data showed clinical benefit in patients administered the highest dose of study drug, but did not reach statistical significance. The clinical activity observed in the study warrant the further investigation of teduglutide, including dose-range determination, in Crohn's disease, although no details on timing, scope, and design were offered. Shares of the Salt Lake City pharmaceutical company were up 70 cents, or 4.78%, at $15.34 on volume of 2,399,662 shares versus the three-month running average of 586,366 shares. (Nasdaq: NPSP)

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