Oppenheimer analyst Leland Gershell reiterated a Buy rating on Catalyst Pharma (CPRX) today and set a price target of $10. The company’s shares closed yesterday at $3.48.
“Firdapse’s early launch is exceeding expectations. Just ~two months in, >250 LEMS patients are receiving paid drug, and CPRX now expects all ~300 3,4-DAP- experienced (EAP/Jacobus) LEMS patients to have moved to commercial product by June 30 (from prior YE19 guidance). Payor pushback has been negligible. The company expects to issue 2019 revenue guidance with 1Q report in May. Following yesterday’s positive early indicators, we continue to expect Firdapse’s launch to outpace expectations. We reiterate our Outperform rating and raise our price target to $10 (from $9).”
According to TipRanks.com, Gershell is a 2-star analyst with an average return of 1.0% and a 54.0% success rate. Gershell covers the Healthcare sector, focusing on stocks such as Anchiano Therapeutics Ltd, Avenue Therapeutics Inc, and Evofem Biosciences Inc.
Currently, the analyst consensus on Catalyst Pharma is a Strong Buy with an average price target of $9.67, implying a 177.9% upside from current levels. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $10 price target.
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Based on Catalyst Pharma’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $14.5 million. In comparison, last year the company had a GAAP net loss of $5.39 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.