Cyclo Therapeutics (CYTH) PT Lowered to $0.95 at Ascendiant Capital

Ascendiant Capital analyst Lucas Ward lowered the price target on Cyclo Therapeutics (NASDAQ: CYTH) to $0.95 (from $2.60) while maintaining a Buy rating.

The analyst comments "Company completes enrollment in phase 3 trial, affirms regulatory timeline: On May 30, the company announced it has completed enrollment for its 108- patient pivotal phase 3 trial of its lead drug candidate, Trappsol Cyclo for NPC disease. This puts the company on track for an interim data analysis in 1H 2025. If the interim data is significant, the company expects to file a New Drug Application (NDA) with the FDA and Marketing Authorization Application with the EMA in 2H 2025. This puts the company on track for potential FDA approval of the drug by Q1 of FY26. We estimate that NPC is a $300 million per year opportunity for Cyclo Therapeutics in the US alone. We further estimate that the company will be able to market the drug independently, given it has interacted with much of the NPC community already, through its clinical research. Adjusting estimates: We are lowering our FY24 EPS estimate to $(0.77) from $(0.74) on lower expenses. We are lowering our FY25 EPS estimate to $(0.83) from $(0.80) on lower expenses. Consensus estimates are $(0.63) and $(0.65) for FY24 and FY25, respectively. Our revenue estimates are unchanged at $1.2 and $1.3 million for FY24 and FY25, respectively."

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