Piper Jaffray Upgrades Catalyst Pharmaceutical Partners (CPRX) to Overweight

October 5, 2016 6:16 AM EDT
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Price: $1.23 +0.82%

Rating Summary:
    8 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Piper Jaffray upgraded Catalyst Pharmaceutical Partners (NASDAQ: CPRX) from Neutral to Overweight with a price target of $4.00 (from $1.00), saying Firdapse LEMS program may soon get the green light.

Analyst Charles Duncan commented, "We caught up with Catalyst, and combined with ongoing diligence on lead candidate Firdapse, we now believe this program will soon be back on track and poised for 2017 value creation. Today we’re upgrading from N to OW and raising our PT to $4 based on reduced clinical and regulatory risk, as well as improved visibility on timeline to NDA re-submission. Specifically, we see reduced clinical risk for Firdapse’s lead indication in LEMS based on finalized design of the second Phase III set to begin this quarter. In addition, we believe regulatory risk has been mitigated by close interaction with the FDA on trial design. All told, we anticipate Phase III results and NDA re-submission in 2H17, representing two points of value creation through which the company is adequately funded. In advance of a capital-efficient, risk-mitigated Phase III LEMS trial start in 4Q16, we are buyers of CPRX."

For an analyst ratings summary and ratings history on Catalyst Pharmaceutical Partners click here. For more ratings news on Catalyst Pharmaceutical Partners click here.

Shares of Catalyst Pharmaceutical Partners closed at $1.12 yesterday.

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