Zacks Investment Research upgraded shares of DARA BioSciences, Inc. (DARA) from NEUTRAL to OUTPERFORM on September 14, 2012, with a target price of $2.50.
DARA Biosciences is a new company, with a new strategy. In January 2012, DARA acquired Oncogenerix, and with it, rights to Soltamox, an oral liquid formulation of tamoxifen, for sale in the U.S. In April, DARA announced a deal to co-promote Bionect. DARA plans to create a five-person specialty sales force to promote both products. The company launched Bionect in June 2012. We expect the Soltamox launch in October 2012 and Gelclair in the first quarter of 2013. We like the new strategy, and believe it fits well with CIPN drug, KRN5500. We think the story is really starting to come together at DARA, and with the recent financing complete the focus has now turned to management execution. We think the market is vastly under-valuing the potential. Our target is $2.50 per share based on DCF.
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