Tarsus Pharmaceuticals (TARS) PT Raised to $65 at Raymond James Following Positive TP-03 Survey

Raymond James analyst Dane Leone raised the price target on Tarsus Pharmaceuticals (NASDAQ: TARS) to $65.00 (from $50.00) while maintaining a Strong Buy rating following supportive results from our survey of ophthalmologists regarding the SATURN-1 study and expected utilization of TP-03 for the treatment of demodex blepharitis.

"Overall, we now forecast peak sales of TP-03 of ~$453m during 2030E, and base our new price target on 3x our 2027E revenue forecast," Leone commented. "The basis for our valuation can be supported by the Novartis acquisition of Xiidra (lifitigrast) for ~$3.4bn in an upfront payment to Takeda during 2020 (plus ~$1.9bn in potential milestones), which represented a ~2.8 – 4.4x multiple to expected peak sales of ~$1.2bn."

Leone notes for those patients that present with blepharitis, 92% of their survey respondents indicated that they would recommend treatment with TP-03 based upon the current clinical data. Overall, ~15% of the current patient population managed by the docs in their survey would.

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