Loxo Oncology Received its Third Buy in a Row

After William Blair and Cowen & Co. gave Loxo Oncology (NASDAQ: LOXO) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Leah R. Cann assigned a Buy rating to Loxo Oncology today and set a price target of $122. The company’s shares opened today at $160.50, close to its 52-week high of $171.99.

Cann observed:

“the phase I study in patients with advanced solid tumors, including RET fusion positive NSCLC and papillary thyroid cancer (PTC), RET-mutant medullary thyroid cancer (MTC), and any other cancer with these alterations. We believe these data are highly encouraging. We had expected clinical data for LOXO-292 in the first half of 2018, at either AACR or ASCO; therefore, the timing of these data are in line with our expectations, and we are not making any changes to our outlook. LOXO-292 is a wholly owned compound of Loxo Oncology, which we anticipate could launch in 2021 with estimated sales of $394.6 million and increasing to $3.8 billion in 2024, accounting for nearly 82% of Loxo’s estimated 2024 revenue.”

According to TipRanks.com, Cann is a 5-star analyst with an average return of 15.8% and a 58.6% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.

Currently, the analyst consensus on Loxo Oncology is Strong Buy and the average price target is $149.33, representing a -7.0% downside.

In a report issued on May 8, William Blair also maintained a Buy rating on the stock.

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The company has a one-year high of $171.99 and a one-year low of $43.34. Currently, Loxo Oncology has an average volume of 402.9K.

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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.