H.C. Wainwright Reiterates Buy Rating on scPharmaceuticals (SCPH)

H.C. Wainwright analyst Douglas Tsao reiterated a Buy rating and $18.00 price target on scPharmaceuticals (NASDAQ: SCPH).

The analyst commented: "Recently, scPharmaceuticals reported 2Q financial with net Furoscix revenue of $8.1M, representing a 33% QoQ increase. Following the recent sNDA approval, Furoscix can now treat adult patients with congestion due to fluid overload with NYHA Class II, III, and IV chronic heart failure (HF). Management noted that Class IV HF comprises ~10% of HF patients in the US, and the dose requirement for the patients is up to 9-12 doses based on the severity of their symptoms, which is expected to increase average doses per prescription (~6.3 doses/prescription in 2Q). The prescription for Class IV HF is expected to start in late August with updated payer systems. In addition to obviously expanding the eligible patient population, in our view, the addition of Class IV patients simplifies the prescribing process and removes any questions about patient eligibility, especially from a reimbursement standpoint. The Furoscix label is expected to be further expanded to include kidney failure patients in early 2025; the FDA accepted the sNDA of Furoscix to treat edema due to fluid overload in patients with chronic kidney disease (CKD) and assigned a PDUFA date of March 6, 2025. Additionally, scPharmaceuticals recently reported positive topline PK/PD data, which demonstrated the Furoscix autoinjector achieved primary and secondary endpoints. The company is expected to submit an sNDA to the FDA by the end of 2024 and potentially get approval by the end of 2025. The autoinjector allows 80mg/1ml furosemide to be administrated in 1-2 mins through a subcutaneous injection (IV administration requires 2x 40mg doses separated by 120 mins). Reiterate Buy rating and $18 PT."

For an analyst ratings summary and ratings history on scPharmaceuticals click here. For more ratings news on scPharmaceuticals click here.

Shares of scPharmaceuticals closed at $5.19 yesterday.

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