Citi rates QRX as Buy, High RiskWednesday, November 27, 2013 -...

Citi rates QRX as Buy, High Risk

Wednesday, November 27, 2013 - 11:22

November 27, 2013

QRX has resubmitted MoxDuo for FDA approval and the recent capital raising means the company has enough to cover its cash burn up to the FDA decision, the broker notes. The broker is quietly confident approval will be granted and notes distributors are already in place across the globe.

Buy and $2.55 target retained on significant upside potential post approval.

Target price is $2.55 Current Price is $0.60 Difference:$1.95 - (brackets indicate current price is over target). If QRX meets the Citi target it will return approximately 325% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Citi forecasts a full year FY14 dividend of 0.00 cents and EPS of -8.50 cents .

At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is -7.06