BLU - Huge bull call on BELLUS Health from Evercore implies +400% upside

BELLUS Health (BLU) is on watch after Evercore ISI starts off coverage with an Outperform rating. In a nutshell, analyst Josh Schimmer and team think the market dramatically underestimates the results of a key study. "The P2 study of ‘5937 missed its primary endpoint, driving shares substantially lower and resulting in a valuation that leaves BLU off most investor radar screens. We believe investors acted in accordance with the negative headline associated with the study results and NOT the underlying data/scientific rationale which is why we are so positive compared to the street.""But it turns out there was a surprisingly strong (and prespecified) signal within this 'failed' P2 trial – patients with more frequent cough at baseline had a clearer sign of benefit with ‘5937." Evercore has a price target of $12 on BLU to rep more than 400% upside potential. The Evercore PT is almost double the average Wall

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Huge bull call on BELLUS Health from Evercore implies +400% upside