UPDATE: Canaccord Genuity Assumes Coverage on NPS Pharmaceuticals on Recent Market Weakness

In a report published Wednesday, Canaccord Genuity analyst John Newman assumed coverage on NPS Pharmaceuticals (NASDAQ: NPSP) with a Buy rating and $42.00 price target.

In the report, Canaccord Genuity noted, “We recommend buying NPSP on recent market weakness based on its three high-priced orphan drugs with ongoing launches and upcoming FDA approval in 2014. We expect the US Gattex and EU Restive launches to perform well in 2014 and believe Natpara revenue estimates remain low.”

NPS Pharmaceuticals closed on Tuesday at $23.38.