Noble Financial Keeps Agile Therapeutics (AGRX) at 'Buy'; Q2 Results Inline, Key Phase 3 Data Expected in Q4
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Noble Financial affirms Agile Therapeutics, Inc. (Nasdaq: AGRX) with a Buy rating and $15 price target after the company reported Q2 results late Tuesday.
Analyst Nathan Cali noted that results were largely as expected. The analyst also noted the following:
- Expected phase III completion and planned phase II study slightly increases R&D estimates. R&D spend of $5.6 million slightly higher than $5.1 estimate, increasing full year R&D estimate from $20.2 million to $23.7 million to account for planned Phase II study
- Additional pipeline asset may increase patient compliance. Current planning underway and plans to advance AG200-SP in Phase II trials Q1-2017; smaller, lower-dose application of Twirla use in fourth week of 28-day cycle, allows for continuous patch application; better contraception, compliance and reduced withdrawal bleeding
- upcoming pivotal phase III data expected Q4-2016 and an NDA submission expected first half 2017, we estimate that the current cash balance $59.2 million is sufficient to extend operations into 2018
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