Eton Pharmaceuticals (ETON) PT Raised to $65 at H.C. Wainwright

H.C. Wainwright analyst Swayampakula Ramakanth raised the price target on Eton Pharmaceuticals (NASDAQ: ETON) to $65.00 (from $57.00) while maintaining a Buy rating.

The analyst commented: "Eton is scheduled to report 2Q26 financial results and host a conference call after market close on Thursday, August 13, 2026. Recall that 1Q26 product sales of $24.3M (+73% YoY, +14% QoQ) were above the consensus estimate of $22.3M, led by INCRELEX, ALKINDI SPRINKLE, GALZIN, Carglumic Acid, and the addition of KHINDIVI. On the strength of 1Q26 results, management raised FY26 revenue guidance to >$120M (+$10M above its prior guidance of >$110M) and reaffirmed their full year adjusted EBITDA margin guidance of >30%. We expect Eton to reach record-high quarterly revenues in 2Q26, with sequential growth throughout 2026, and to achieve GAAP net income profitability in every quarter of 2026. For 2Q26, we project total revenue of $28.0M (+48% YoY, +15% QoQ) and net income of $0.15 per diluted share. For FY26, we project revenue of approximately $120.2M with net income of $0.68 per diluted share. We expect to hear commentary on: (1) commercial execution and the FY26 guidance; (2) recent launches (DESMODA in March, HEMANGEOL in May) and two launches anticipated later this year (IMPAVIDO in late September 2026, “Metabolic Generic product” in 2H26); (3) pipeline updates; and (4) BD updates, including ASN-001. We are incorporating the ASN-001 transaction into our model ahead of 2Q26 results. We assume ASN-001 gains approval and launches in 4Q28, and we apply a fixed ~12.5% royalty rate (the actual rate is 10%-15%, tiered off cumulative lifetime sales). We also account for the $3M upfront payment and raise our operating expense forecast to support the program. As a result of these adjustments, we arrive at a 12-month price target of $65.00 per diluted share (prior: $57.00)."

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