Cerus (CERS) PT Raised to $8 at Stifel as Cryoprecipitate Progresses to Approval

Stifel analyst Mathew Blackman raised the price target on Cerus (NASDAQ: CERS) to $8.00 (from $7.00) after the company announced the submission of the PMA supplement for pathogen-reduced
cryoprecipitate, in-line with previously communicated timelines.

The analyst maintained a Buy rating, stating "While FDA turnaround times are still unclear given COVID-related disruption, the company anticipates potential approval by year end 2020 with commercialization likely in 2021". He went on to state "With the filing of cryo today, the company moves one-step closer to commercialization of this differentiated therapy for the treatment of massive bleeds. While pricing is still to be determined, we believe the US opportunity could approach $150-$300M, which compares to CERS's current product revenue base at ~$90M".

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