TherapeuticsMD (TXMD) PT Lowered to $5 at Stifel
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Stifel analyst Annabel Samimy lowered the price target on TherapeuticsMD (NASDAQ: TXMD) to $5.00 (from $6.00) while maintaining a Buy rating.
The analyst commented, "While investor worry remained at a peak, TXMD posted sales of $19.9mn/Cons $19,8mn, with FDA-product sales of $18.3mn coming in above its minimum revenue covenant for 1Q21, in a seasonally difficult quarter. The driving force again was high-value Annovera, with volume growth driven by better coverage and continued awareness. Imvexxy and Bijuva benefited from higher net pricing from reduced patient assistance, though at the expense of Imvexxy volumes. Coming both out of seasonality and pandemic, management believes the trends are favorable and stood by its expectation of meeting TSSP’s minimum revenue requirements through 2021. TXMD has also tapped equity markets several times in the past months, putting its cash position at $137.3mn, allowing continuation of strategic initiatives while maintaining OpEx under control—though dilution, again, coming at shareholder expense. TXMD remains a tough execution story in Women’s Health, though persistent effort should allow the company to emerge from challenges."
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