Oppenheimer Reaffirms Their Buy Rating on Loxo Oncology (LOXO)
Oppenheimer analyst Leah R. Cann maintained a Buy rating on Loxo Oncology (NASDAQ: LOXO) today and set a price target of $202. The company’s shares closed on Friday at $164.06.
“the LIBRETTO data update for LOXO-292 at the recent Association supports our positive outlook for Loxo Oncology. Our analysis shows that Breakthrough Designation can reduce FDA-approval time by 40%, and only 20% of sponsors receive the designation. Data for LOXO-292 have continued to be positive with each update. 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 73% of Loxo’s estimated 2024 total product sales. Our financial outlook for Loxo Oncology remains unchanged for 2018-2024.”
According to TipRanks.com, Cann is a 4-star analyst with an average return of 9.8% and a 45.8% 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 $199.67, representing a 21.7% upside. In a report issued on October 8, William Blair also maintained a Buy rating on the stock.
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The company has a one-year high of $208.95 and a one-year low of $71.45. Currently, Loxo Oncology has an average volume of 299.8K.
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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.