CuraGen upgraded to "outperform"

02/07/06 - Piper Jaffray

NEW YORK, February 7 (newratings.com) - Analysts at Piper Jaffray upgrade CuraGen Corporation (CRGN) from "market perform" to "outperform," while raising their estimates for the company. The target price has been raised from $6.10 to $6.50.

In a research note published yesterday, the analysts mention that histone deacetylease (HDAC) inhibitor PXD101 is expected to be most effective in combination therapy with Millennium's Velcade, which would have impressive potential in multiple myeloma. CuraGen is expected to benefit in the near-term from the recent successful launch of the Genome Sequencer 20 system, the analysts say. The EPS estimates for FY06 has been raised from -$1.34 to -$1.29.