Catalyst Pharmaceutical: Roth Capital Analyst Sees 85% Probability Of US Approval For Firdapse
Catalyst Pharmaceutical (NASDAQ:CPRX) announced after the close Monday positive top-line results from the pivotal phase 3 clinical trial of Firdapse to treat Lambert-Eaton myasthenic syndrome (LEMS). In reaction, Roth Capital analyst Scott Henry today reiterated a Buy rating on the stock, while raising his price target to $6 (from $5).
Henry noted, “We view the ability to reach statistical significance in co-primary endpoints of a 38 patient trial indicative of robust results. We further believe that the approval bar may be set lower for an orphan drug trial with limited available treatment options. Net, we are upping our approval probability for Firdapse to 85% from 65% to reflect this positive readout. We look forward to full data presentation (October 12, 2014), which could offer further upside to our approval probability. The company confirmed plans to initiate a rolling NDA submission in early 2015.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Scott Henry has a total average return of 14.2% and a 49.1% success rate. Henry has a 9.6% average return when recommending CPRX, and is ranked #308 out of 3310 analysts.