Oppenheimer Thinks Athenex Inc’s Stock is Going to Recover

In a report released today, Kevin DeGeeter from Oppenheimer assigned a Buy rating to Athenex Inc (ATNX), with a price target of $20. The company’s shares opened today at $10, close to its 52-week low of $9.38.

DeGeeter wrote:

“Initiating coverage of ATNX with Outperform rating and $20 PT based on: 1) expectation for positive Oraxol Phase III breast cancer data in 3Q19; 2) proprietary survey results suggesting potential for meaningful uptake of KX2-391 for treatment of actinic keratosis (AK); and 3) strength of ATNX’s commercial channel for specialty oncology products and opportunity for operating leverage. We view ATNX’s Orascovery oral chemotherapy platform as offering potential for important efficacy and tolerability benefits compared to traditional IV chemotherapy. Additionally, we view partnering, including rights to Oraxol in Asia, as providing important catalysts over the next 12-24 months. Our $20 PT is based on DCF model with peak sales of $900M + for for KX2-391.”

According to TipRanks.com, DeGeeter is a 4-star analyst with an average return of 13.0% and a 47.9% success rate. DeGeeter covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Molecular Templates Inc, and Neon Therapeutics Inc.

Currently, the analyst consensus on Athenex Inc is a Strong Buy with an average price target of $23.

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The company has a one-year high of $20.90 and a one-year low of $9.38. Currently, Athenex Inc has an average volume of 255.8K.

Based on the recent corporate insider activity of 59 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 ATNX in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Athenex, Inc. is a biopharmaceutical company, which engages in the discovery, development and commercialization of novel therapies for the treatment of cancer.It operates through the following segments: Oncology Innovation Platform, Global Supply Chain Platform, and Commercial Platform.

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