CuraGen "market outperform"

06/15/07 - Boenning & Scattergood

NEW YORK, June 15 (newratings.com) - Analyst Debjit Chattopadhyay of Boenning & Scattergood reiterates his "market outperform" rating on CuraGen Corporation Inc (CRGN), while raising his estimates for the company. The 12-month target price is set to $6.30.

In a research note published yesterday, the analyst mentions that the clinical updates on PXD101 were extremely promising, exhibiting significant response rates in patients with advanced cutaneous T-cell lymphoma (CTCL). The drug is not exhibit any evidence of cardiac toxicity, the analyst adds. The company is likely to post data from seven separate clinical programmes in F2H07, according to Boenning & Scattergood. The EPS estimate for 2007 has been raised from -$1.27 to -$1.03.