September 30, 2019 / 1:42 PM / a month ago

CORRECTED-BUZZ-Cowen starts coverage of Bellus Health with "outperform", says co is undervalued

(Corrects fifth bullet to show Canada-listed shares, not U.S.-listed, had more than doubled this year)

** Cowen starts covering drug developer Bellus Health with “outperform” rating

** BLU shares are undervalued due to the lack of awareness about the company, the “blockbuster promise” of its target chronic cough market and the competitive profile of its experimental drug BLU-5937, says Cowen analyst Ritu Baral

** The chronic cough drug, which is in its mid-stage trial, to bring in sales of $833 mln in the United States and $294 mln in the EU in 2029 - Baral

** Even if four major treatments are eventually approved, and gefapixant, a rival drug from Merck & Co, retains first mover advantage, BLU-5937 could achieve a peak U.S. market share of 15% in 2027 - Baral

** Up to Friday’s close, Canada-listed shares of BLU had more than doubled this year (Reporting by Tamara Mathias in Bengaluru)

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