Zacks Investment Research upgraded shares of NPS Pharmaceuticals, Inc. (NPSP) from NEUTRAL to OUTPERFORM on May 01, 2014, with a target price of $32.00.
NPS Pharma performed impressively in the fourth quarter of 2013 reporting earnings of $0.07 per share as opposed to a loss of $0.14 a year ago. Favorable results in the quarter were primarily driven by higher revenues. Revenues jumped approximately 101% to $54.5 million primarily due to increased royalties from Amgen's Sensipar. We are also encouraged by the performance of Gattex since its U.S. launch. The company expects Gattex's sales to increase by more than 250% in 2014. A key action date for NPS Pharma is coming up in October this year when the FDA will decide on Natpara. We expect the company to report impressive first quarter 2014 results next month. Based on the company's positive outlook, we are upgrading it to Outperform.
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