In a report released today, Leland Gershell from Oppenheimer maintained a Buy rating on Avenue Therapeutics Inc (NASDAQ: ATXI), with a price target of $8. The company’s shares opened today at $3.79.
Gershell observed:
“2Q18 net loss per share was $0.45 vs. our $0.30 estimate. Following recent Phase 3 success in a post-operative pain trial, ATXI needs to conduct one more pivotal efficacy study to support registration of its IV formulation of tramadol for the treatment of moderate-to-moderately severe pain. ATXI guides to a 2H18 start, which could put a top-line readout in ~mid-2019. If approved, we see IV tramadol as filling an important gap in US acute pain management (e.g., surgical, ER). We reaffirm our 12- to 18- month $8 PT, which gives effect to a ~$25M equity financing.”
According to TipRanks.com, Gershell is a 1-star analyst with an average return of -6.7% and a 30.0% success rate. Gershell covers the Healthcare sector, focusing on stocks such as Evofem Biosciences Inc, Urogen Pharma Ltd, and Catalyst Pharma.
Avenue Therapeutics Inc has an analyst consensus of Moderate Buy, with a price target consensus of $9.50, representing a 150.7% upside. In a report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $11 price target.
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Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ATXI in relation to earlier this year.
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Avenue Therapeutics, Inc. operates as a pharmaceutical company. It engages in acquiring, licensing, developing, and commercializing products for use in the intensive care hospital setting. The company was founded on February 9, 2015 and is headquartered in New York, NY.
