Oppenheimer analyst Leah R. Cann maintained a Buy rating on Epizyme (EPZM) today and set a price target of $27. The company’s shares opened today at $7.27, close to its 52-week low of $7.21.
Cann wrote:
“This collaboration with Boehringer Ingelheim enables Epizyme to develop two of its next generation compounds with novel epigenetic targets. While these discovery stage compounds are too early to impact our outlook, upfront payments and milestones could provide upside to our outlook and reduce our estimated additional capital needs to commercialize Epizyme’s lead asset Tazemetostat. We estimate Epizyme will need to raise $150 million by 2020 to fully fund the development and commercialization of Tazemetostat. The Boehringer Ingelheim collaboration will reduce this by $15 million in the near term and reduce additional capital needed by several million more dollars prior to 2020.”
According to TipRanks.com, Cann is a 2-star analyst with an average return of -0.1% and a 38.0% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
Currently, the analyst consensus on Epizyme is a Strong Buy with an average price target of $21, representing a 188.9% upside. In a report issued on November 2, Cowen & Co. also maintained a Buy rating on the stock.
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Based on Epizyme’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $37.49 million. In comparison, last year the company had a GAAP net loss of $37.6 million.
Based on the recent corporate insider activity of 6 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 EPZM in relation to earlier this year.
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Develops therapeutics for the treatment of patients with genetically defined cancers
