Principia Biopharma initiated with an Outperform at Baird. Baird analyst Brian Skorney started Principia Biopharma (PRNB) with an Outperform rating and $50 price target, stating that its BTK inhibitor partnered with Sanofi (SNY) for multiple sclerosis has blockbuster potential. He also believes PRN1008, which is entering Phase 3, has a worldwide opportunity over $500M in pemphigus that would also open the door for a host of other indications.
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