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Shares of the drug company Dyax Corp., which makes DX-88, recently rose after Morgan Joseph & Co. initiated coverage on the stock with a "Buy" rating.

Dyax and Genzyme recently ended a collaboration on the company's DX-88 program, which has run into delays with the Food and Drug Administration (FDA). The FDA previously requested more data and a new study.

Coverage was initiated with a $6 price target citing expected approval of DX-88 and its potential in other markets.

"We believe that relatively little of the underlying story has changed, and view the recent downturn in price as an opportunity to own a compelling late-stage biotechnology company," the analyst wrote in a note to investors.

DX-88 will likely be approved by the FDA to treat angioedema, sometime in the second half of 2008.

Also, the drug has larger market potential for use in heart surgeries, including coronary artery bypass graft (CABG) surgery. If approved, it could replace Bayer's Trasylol®.

If you or someone you know has undergone a coronary artery bypass grafting surgery and subsequently developed the onset of kidney failure, please use the form on the left to contact our law firm.

Reference:

"Dyax Stock Up After Firm Starts Coverage," AP, March 2007.