After Cantor Fitzgerald and H.C. Wainwright gave Catalyst Pharma (NASDAQ: CPRX) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Leland Gershell reiterated a Buy rating on Catalyst Pharma today and set a price target of $6. The company’s shares opened today at $2.98.
Gershell observed:
“Firdapse’s (long-awaited) approval comes in in-line with expectations, enabling CPRX to transition to a commercial company and begin recording product revenue in 1Q19. While we await the 12/13 conf. call on pricing and other relevant details, we expect EAP/Jacobus conversions to benefit the initial launch. Our recent discussions with mgmt have underscored the priority of this early switch effort, and we highlight the preparedness/comprehensiveness of the patient assistance program to facilitate broad access by new as well as existing 3,4-DAP users. Sales figures are likely to trail uptake/demand due to reimbursement onboarding. However, we believe Firdapse’s 2019 revenue will at least meet the Street consensus forecast (~$30M), and regard today’s share weakness as an attractive entry ahead of the 12/13 pricing announcement.”
According to TipRanks.com, Gershell is a 1-star analyst with an average return of -5.4% and a 39.1% success rate. Gershell covers the Healthcare sector, focusing on stocks such as Avenue Therapeutics Inc, Evofem Biosciences Inc, and AzurRx BioPharma Inc.
Currently, the analyst consensus on Catalyst Pharma is a Strong Buy with an average price target of $6.25, a 109.7% upside from current levels. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $8 price target.
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Based on Catalyst Pharma’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $7.84 million. In comparison, last year the company had a GAAP net loss of $4.18 million.
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Catalyst Pharmaceuticals, Inc. is a biopharmaceutical company. It focuses on development and commercialization of prescription drugs targeting rare (orphan) neuromuscular and neurological diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS), infantile spasms, and Tourette’s disorder.
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