Jefferies & Company Maintains Actelion Buy Rating

In a report released this morning, Jefferies & Company said that it believes Actelion (ATLN.VX) marketed products and cash largely underpin the current share price, with potential 2011E positive pipeline news driving upside.

“Underappreciated pipeline programmes include selexipag, macitentan, and the S1P1 agonist,” Jefferies & Company writes. “Longer-term we believe risk reward remains skewed for positive return. Retain Buy.”

Jefferies & Company said that it believes Actelion has three steps to both drive share price appreciation and/or retain independence:

(1) demonstrate tight cost control with detailed 2011 guidance on 17 February, particularly in R&D.

(2) out-license S1P1 and/or CRTH2 to highlight the pipeline value.

(3) execute the recently proposed CHF800m share buyback.

Actelion currently trades at $49.86.