UPDATE: Ascendiant Capital Markets Upgrades Pozen Following Q2 Results

In a report published Friday, Ascendiant Capital Markets analyst Keay Nakae upgraded the rating on Pozen (NASDAQ: POZN) from Hold to Buy, and named a $10.00 price target.

In the report, Ascendiant Capital Markets noted, “Pozen has reported Q2 results. Revenue was $7.4 MM compared to consensus of $7.1 MM. Royalty payments from the sale of VIMOVO came in at $5.4 MM. driven by a significant increase in US sales by Horizon Pharma (HZNP, $9.49, Not Rated). The Company also recognized $2.0 MM in deferred revenue associated with the upfront licensing payment for PA from Sanofi (SNY, $52.50, Not Rated). Operating expense was $4.4 MM compared to $5.7 MM a year ago. The result was net income of $3.0 MM or EPS of $0.09, which was above consensus of $0.07.”

Pozen closed on Thursday at $7.46.