-PhaseBio: Up as Needham raises PT to Street high

PhaseBio Pharmaceuticals

16/03/2021 16:17

** Shares of drug developer  PHAS.O  rise 11.4% to $4.46
    ** Needham raises co's PT to $19 from $18, the highest on
Wall Street; maintains "buy" rating
    ** Brokerage says PT raise is based on rapid enrollment of
patients in a late-stage study of its lead candidate,
bentracimab, for the reversal of the anti-platelet effect of
AstraZeneca Plc's  AZN.L  blood thinner Brilinta
    ** PHAS says enrollment is going ahead of schedule and
expects topline readout late 2021 and BLA submission in mid-2022
- three to six months ahead of schedule
    ** All six analysts rate shares "buy" or higher; median PT
is $14
    ** Stock up 33% this year

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))