Analyst Brian Skorney from Baird reiterated his Outperform rating on Cempra Inc (NSADAQ:CEMP) with a price target of $33, marking a 78% increase from current levels. Last month the FDA accepted the NDAs for solithromycin oral and IV. The PDUFA dates are set at the end of December for both drugs. The analyst believes that an FDA approval is likely due to “the drug’s profile as a macrolide with fluoroquinolone-like efficacy” with a launch by the start of next year. Additionally, operating expenses were down for the quarter due to improvement in R&D expenses. Management also discussed two catalysts to look forward to, besides the approval of solithromycin. The first is initial data from the solithromycin proof-of-concept NASH study and the second is the completion of enrollment in the Phase 3 ABSSSI trail for Taksta.
According to TipRanks, the analyst has a success rate of 55% with an average return of 5.5% per recommendation.