PLx Pharma (PLXP) PT Lowered to $16 at Oppenheimer

Oppenheimer analyst Leland Gershell lowered the price target on PLx Pharma (NASDAQ: PLXP) to $16.00 (from $22.00) while maintaining an Outperform rating.

The analyst commented, "As was generally anticipated, Vazalore's net sales in 4Q—just $1.6M—were markedly below those in the prior quarter ($6.6M), which had benefitted from broad initial retailer stocking. We believe it will be another 1-2 quarters until reported sales begin to reflect end-user demand, given de-stocking/re-ordering dynamics. Nonetheless, early metrics are encouraging, with 22% of targeted HCPs who have been called upon actively recommending the product. All retailers recently elected to renew Vazalore through YE22, indicative of solid customer purchasing volume. Also, transition in demand to 30-count boxes from 12-count per Nielsen data argues for customer retention following initial trials. Reiterate Outperform while reducing our PT to $16 (from $22) on higher OpEx and equity dilution projections."

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