Agile Therapeutics (AGRX) PT Raised to $9 at Oppenheimer

Oppenheimer analyst Leland Gershell raised the price target on Agile Therapeutics (NASDAQ: AGRX) to $9.00 (from $5.00) while maintaining a Outperform rating.

The analyst commented, "FDA approval of once-weekly combined hormonal contraceptive patch Twirla late Friday, while seemingly a fait accompli following October's 14-1 AdComm vote, nonetheless provides successful conclusion to a protracted and tortuous development/regulatory experience. Label comes essentially in line with our expectations, and following validation batch completion, AGRX expects to launch by early 4Q20. The company believes Twirla is positioned to capture 5-8% of the US contraceptive market, and we see 2024 sales of ~$330M. Under recently entered $35M loan facility w/Perceptive, $15M tranche is to be funded upon approval, which should provide AGRX with sufficient capital through 2020. We reiterate Outperform and raise our PT to $9."

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