BTIG Believes Loxo Oncology (NASDAQ: LOXO) Still Has Room to Grow

BTIG analyst Dane Leone reiterated a Buy rating on Loxo Oncology (NASDAQ: LOXO) yesterday and set a price target of $156. The company’s shares closed yesterday at $124.17, close to its 52-week high of $138.54.

Leone noted:

“On Tuesday, before mkt-open, LOXO hosted their 1Q18 Earnings call. On the call, management provided key clinical and regulatory updates with a significant focus on the upcoming data readout for LOXO-292 at ASCO. Of note, mgmt cautioned against premature comparisons of patient responses listed in the abstract (May 16 th ) to competitor data (BLU-667), as the abstract data cutoff was ~3 months earlier than that used for the ASCO presentation (on June 2 nd ). We reiterate our Buy rating and $156 PT.”

According to TipRanks.com, Leone is a 5-star analyst with an average return of 18.3% and a 69.4% success rate. Leone covers the Healthcare sector, focusing on stocks such as Voyager Therapeutics Inc, Vertex Pharmaceuticals, and Blueprint Medicines.

Currently, the analyst consensus on Loxo Oncology is Strong Buy and the average price target is $149.75, representing a 20.6% upside.

In a report released yesterday, Oppenheimer also assigned a Buy rating to the stock with a $122 price target.

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Based on Loxo Oncology’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $3.56 million. In comparison, last year the company had a GAAP net loss of $24.53 million.

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Loxo Oncology, Inc. is a biopharmaceutical company, which develops small molecule therapeutics for the treatment of cancer. Its pipeline focuses on cancers that are uniquely dependent on single gene abnormalities, such that a single drug has the potential to treat the cancer with dramatic effect.