RedHill Biopharma: Net revenues for 2017 totaled $4M, and met our expectations. We expect Redhill to raise capital in anticipation of its announcement of top-line Phase III results for Crohn’s disease, expected in mid-2018; Price target raised to NIS 2.59

RedHill announces top-line results from Phase III study of RHB-104 in Crohn’s Disease; cash balance improved with $25M (gross) raised at a discount; Top-line results for TALICIA® (RHB-105) – H. pylori infection expected by the end of 2018; target price reduced to NIS 2.23