Oppenheimer analyst Leland Gershell was out pounding the table on shares of Catalyst Pharmaceuticals (CPRX), reiterating a Buy rating and price target of $6.00, which implies an upside of 77% from current levels.
Catalyst may finally get its LEMS drug Firdapse across the FDA finish line this year. The company filed for Firdapse’s approval last spring, and an FDA decision is expected in November.
Gershell noted, “We attended last week’s AANEM conference where we had the opportunity to interact with neuromuscular specialists and hear updates from CPRX management. Physicians with whom we spoke who treat LEMS and are familiar with Firdapse uniformly expect approval on/around the 11/28 PDUFA date. They were also optimistic for eventual approval/use in the addressable segment of the CMS population, and believe Firdapse has treatment potential for MuSK-MG. CPRX is solidly focused on launch preparations, with continued buildout of its commercial team and patient assistance program. We reiterate our Outperform rating and $6 PT as Firdapse’s potential approval and launch in LEMS approaches.”
If we step back and look at the bigger picture, we can see that overall CPRX has a ‘Strong Buy’ analyst consensus rating on TipRanks. Out of 5 analysts polled in the last 3 months, all 5 rate the stock a Buy, highlighting a strong bullish backing here. With a healthy return potential of 96%, the stock’s consensus target price stands at $6.80. (See CPRX’s price targets and analyst ratings on TipRanks)