GTx "buy," target price raised - update

11/07/07 - Lazard Capital Markets

NEW YORK, November 7 (newratings.com) - Analysts at Lazard Capital maintain their "buy" rating on GTx Inc (GTXI), while raising their estimates for the company. The target price has been raised from $28 to $31.

In a research note dated November 6 and published this morning, the analysts mention that the company has posted its 3Q LPS lower than the estimates on account of lower-than-expected G&A expenses. GTx has signed a financially beneficial agreement with Merck for its SARM programme, the analysts say. The company is likely to achieve Acapodene sales of $64 million and $158 million in 2009 and 2010, respectively, Lazard Capital adds. The EPS estimates for 2007 and 2008 have been raised from -$1.22 to -$1.15 and from -$1.59 to -$1.09, respectively.