Esperion (ESPR) Data Has Something for Bulls and Bears - Stifel
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Stifel analyst Thomas Shrader weighed in on Esperion Therapeutics (NASDAQ: ESPR) after the company released data from the 035 study to test ETC-1002 on top of low dose statins. He said the complex will likely leave both bulls and bears happy. He also used the updated as chance to lower his price target to $30 from $64. He maintained a Buy rating.
Shrader commented, "The data were overall quite positive with benign safety profile and a 22% lowering of LDL-C relative to placebo. On a down side, the 22% included a somewhat unexpected 9% increase in the placebo group and the equivalence in plasma was based on FDA guidance that this “equivalence” is FDA-speak and implies an increase of less than 25%. Finally, the timeline for what we viewed as the major derisking event in the stock (the 900 patient 040 trial now 1950 patients) has been pushed out. All in all, if you love this stock due to a reasonable chance at a huge market, or hate this stock due to a feeling like every result seems more complex than it needs to be, there was likely nothing in today’s release to change your mind. Based on the delays implied in today’s news (albeit with improved clarity) and some R&D increases to cover the upsized trials we are lowering our target price from $64 to $30. The next major catalyst for Esperion is likely the PCSK9 CVOT readouts over the next six months."
Shares of Esperion Therapeutics closed at $12.32 yesterday.
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