BTIG Downgrades Outlook Therapeutics Incs. (OTLK) to Neutral

BTIG analyst Julian Harrison downgraded Outlook Therapeutics Incs. (NASDAQ: OTLK) from Buy to Neutral.

The analyst comments "Outlook could disrupt over half the ocular anti-VEGF injection market by volume (>3.5 million injections/yr in the US) with what could emerge as the first FDA-approved intravitreal formulation of bevacizumab. Compounded bevacizumab is currently utilized by ~70% of retinal specialists in the US as 1L Tx for wet age-related macular degeneration (wAMD), yet remains subject to concerns surrounding quality and supply. We expect these concerns would be resolved with a pharmaceutical-grade, FDA-approved alternative. The BLA of ONS-5010 in wAMD was recently accepted by the FDA and given an August 2023 PDUFA. If ONS-5010 is approved by the FDA, we are expecting at least 12 years of market exclusivity, favorable pricing and potentially first-line step-edit positioning on major formularies. We expect the advantages of ONS-5010 over its compounded precedent to be intuitive, and in any event, once a drug or biologic is FDA approved and commercially available compounding is no longer authorized. For these reasons, we see ONS-5010 dominating the current bevacizumab segment of the intravitreal anti-VEGF market when it becomes commercially available, and likely encroaching to some degree on the established biosimilar/brand name franchises in the space."

For an analyst ratings summary and ratings history on Outlook Therapeutics Incs. click here. For more ratings news on Outlook Therapeutics Incs. click here.

Shares of Outlook Therapeutics Incs. closed at $1.41 yesterday.

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