BTIG Downgrades EPIRUS Biopharmaceuticals (EPRS) to Neutral

BTIG downgraded EPIRUS Biopharmaceuticals (NASDAQ: EPRS) from Buy to Neutral. Yesterday the company announced reprioritization of the company’s pipeline to focus exclusively on developing biosimilars for the treatment of rare diseases.

"Epirus announced management changes and a strategic change in direction yesterday, which will lead to significant OPEX reductions at the company. The company will focus exclusively on BOW080 (eculizumab biosimilar) and BOW070 (tocilizumab biosimilar) in rare diseases, with a potential for up to $6B in innovator sales in 2020E. We have been believers in the biosimilar space for a while and we stand by our thesis that a biosimilar tidal wave is approaching. Unfortunately the current regulatory, commercial and capital environment has severely constrained pure-play biosimilar companies from pursuing a multi-product development strategy. However, a focused biosimilar strategy could still ‘win’. We await greater visibility on Epirus’ strategy, OPEX burn and specific product development timelines. Until then we will stay Neutral," said analyst Hartaj Singh.

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

Shares of EPIRUS Biopharmaceuticals closed at $1.08 yesterday.

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