Dyax Corp. (NASDAQ:DYAX): Gains 27% Following Biocryst’s OPuS-1 Success


Dallas, Texas 05/28/2014 (FINANCIALSTRENDS) – Dyax Corp. (NASDAQ:DYAX) is engaged in the development of a drug, having similar pathway to that of BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX)’s OPuS-1 study candidate BCX4161, for the treatment of hereditary angioedema which a rare swelling disorder. Biocryst yesterday reported positing findings from its BCX4161 related proof of concept study. Equity experts at investment research firm Jefferies commented that the success of Biocryst’s OPuS-1 study allows to consider “higher odds for the success” of DX-2930 which is having a similar pathway. The analysts maintain a “buy” rating for the stock with a price target of $13. BioCryst reported an average rate of 1.27 attacks per week for patients on placebo as compared to 0.82 for those given BCX4161 orally.

Dyax Corp. (NASDAQ:DYAX)’s DX-2930 is currently in a Phase I trial and require to be administered intravenously twice a month against BioCryst’s BCX4161 which is an oral capsule. However, both the treatments offer potentials over the existing treatments which generally require intravenous administration every three to four days.

Analyst Ratings

Equity analysts at BofA Merrill Lynch recently reaffirmed their “buy” rating for the stock of Dyax Corp. with a price target of $9. The analysts recently initiated coverage for this stock on April 22, 2014 and reaffirmed their rating and price target again on Friday, May 23, 2014. Equity analysts at research firm Leerink Swann significantly reduced their price target for the stock to $7, from previously held target price of $12 in a research note issued at the start of this month. The Leerink Swann analysts now maintain a “market perform” rating.

The stock of Dyax Corp. (NASDAQ:DYAX) has been assigned a “buy” rating by six analysts; and a “hold” rating by one analyst. The stock currently has a consensus rating of “buy” with an average price target of $11.33.

Stock Update

Yesterday, the stock gained 27.42% and closed at $8.41. The stock traded with significant volume of 6.39 million shares as compared to its average volume of 1.41 million shares.