Oppenheimer analyst Hartaj Singh assigned a Buy rating to Strongbridge Biopharma Plc (NASDAQ: SBBP) yesterday and set a price target of $12. The company’s shares closed yesterday at $7.
Singh wrote:
“Strongbridge (SBBP) is expected to report results from the first of its two Recorlev (levoketoconazole) Phase 3 clinical trials in the next few weeks. We have assigned the SONICS Phase 2/3 clinical trial a 75% probability of success (vs. ~56% for historic endocrine Phase 3 studies) as we think there is a high likelihood that levoketoconazole will show efficacy in Cushing’s syndrome (CS); the key question is how differentiated will its risk/benefit profile be versus historic ketoconazole usage in CS. Our probability of success assessment for the SONICS trial reflects our underlying conviction that levoketoconazole will be differentiated and that this will lead to a probability-weighted 10% to 20% positive stock move on the SONICS readout. We stay bullish the name.”
According to TipRanks.com, Singh is a 5-star analyst with an average return of 18.2% and a 48.9% success rate. Singh covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Catabasis Pharmaceuticals, and Actinium Pharmaceuticals.
Strongbridge Biopharma Plc has an analyst consensus of Strong Buy, with a price target consensus of $14.67.
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The company has a one-year high of $9.25 and a one-year low of $4.05. Currently, Strongbridge Biopharma Plc has an average volume of 277.1K.
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Strongbridge Biopharma Plc operates as a commercial-stage biopharmaceutical company, which focuses on the development and commercialization of therapies for rare diseases. Its pipeline is comprised of Keveyis, Macrilen, Recorlev, and Veldoreotide. The company was founded on May 26, 2015 and is headquartered in Lower Southampton, PA.
