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Loxo Oncology (LOXO) Receives a Buy from Oppenheimer


In a report released yesterday, Leah R. Cann from Oppenheimer maintained a Buy rating on Loxo Oncology (NASDAQ: LOXO), with a price target of $202. The company’s shares closed on Friday at $159.60.

Cann said:

“Updated LIBRETTO data presented at the Association remain very positive for LOXO-292. These data had a cut-off of and included 3.5 months of additional follow-up from the last reported results of LIBRETTO for the thyroid subset of patients. The results included 38 evaluable patients compared to 29 at the last data cut-off. Patients with RET-mutant MTC had an ORR of 59%, compared to 45% at the last analysis, and 94% remain on therapy, consistent with the last updated analysis. We anticipate LOXO-292 could launch in 2021 with estimated sales of $3.8 billion by 2024, accounting for nearly 73% of Loxo’s estimated 2024 total product sales. Our financial outlook for Loxo Oncology remains unchanged for 2018-24.”

According to TipRanks.com, Cann is a 5-star analyst with an average return of 13.7% and a 48.5% 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 Loxo Oncology is a Strong Buy with an average price target of $201.67, a 26.4% upside from current levels. In a report issued on September 24, Leerink Partners also initiated coverage with a Buy rating on the stock with a $205 price target.

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Based on Loxo Oncology’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $11.73 million. In comparison, last year the company had a GAAP net loss of $73.32 million.

Based on the recent corporate insider activity of 65 insiders, corporate insider sentiment is negative on the stock.

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Loxo Oncology, Inc. is a biopharmaceutical company, which engages in the development of small molecule therapeutics for the treatment of cancer. It focuses on genetic alterations, targeted therapies, and genetic testing. The company was founded by Joshua H. Bilenker in May 2013 and is headquartered in Stamford, CT.