Sirtris Pharmaceuticals "market outperform," target price raised - update

10/10/07 - JMP Securities

NEW YORK, October 10 (newratings.com) - Analysts at JMP Securities reiterate their "market outperform" rating on Sirtris Pharmaceuticals Inc (SIRT), while raising their estimates for the company. The target price has been raised from $18 to $24.

In a research note published this morning, the analysts mention that the company has released positive data from a preclinical study of lead SIRT1 activator, SRT501, in optic neuritis. The early indications of neuroprotection by SRT501 reaffirm the wide applicability of SIRT1 activation is several therapeutic areas impacted by the ageing process and mitochondrial dysfunction, the analysts say. According to JMP Securities, SRT501’s neuroprotective effects may present a potential combination therapy with the present immunomodulatory therapies for the treatment of multiple sclerosis and optic neuritis. The EPS estimate for 2008 has been raised from -$3.20 to -$2.69.