Retrophin (RTRX) Setup Into DUET Data Remains Favorable - BMO
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BMO Capital analyst Do Kim reiterated an Outperform rating and raised his price target on Retrophin (NASDAQ: RTRX) to $28.00 (from $25.00), saying setup into DUET data remains favorable.
Kim commented, "We are raising our sales estimates for Retrophin’s commercial products, as 2Q16 revenues of $33.3mn were modestly ahead of our $32.8mn estimate. Based on management’s comments, we believe the slight beat was across all three marketed drugs, as each saw new patient growth in the quarter. Our price target increases to $28 from $25 due to higher sales projections and from pushing out our DCF valuation to mid-2017. Timing for the DUET Phase II data for Sparsentan has been narrowed down to early September. We are adjusting our scenario analysis to reflect our new target price, with upside to $53/share under the best case and strong downside support at $22/share for worst case, based on Retrophin’s stable commercial franchise, growing profitability, optionality from RE-024, and an estimated $290mn net cash balance at year-end. RTRX is our top small-cap biotech pick, and we recommend buying ahead of the September data, given the favorable risk/reward for RTRX shares."
Shares of Retrophin closed at $18.77 yesterday.
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