UPDATE: Jefferies Upgrades Supernus Pharmaceuticals (SUPN) to Buy Positive Survey Drives Peak Sales to $600M
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Jefferies analyst David Steinberg upgraded Supernus Pharmaceuticals (NASDAQ: SUPN) from Hold to Buy with a price target of $40.00 due to the recent approval of Qelbree and ‘830 likely launching in 2H22. Additionally, the analyst conducted a clinician survey that indicated that Qelbree could gain significant share from current nonstimulant ADHD agets and raised the peak sales forecast to $600M+.
The analyst stated "SUPN is on the cusp of a new product cycle that should more than offset Trokendi XR’s LOE in 2023. Our first survey suggests Qelbree could become a larger opportunity than expected. Clinicians plan to switch 42% of their non-stimulant ADHD patients to Qelbree. Our payer survey indicates 60% will offer unrestricted access for appropriate rebates, helping eliminate factors that dampen uptake." The analyst went on to state "Based on a differentiated clinical profile and MOA, surveyed high prescribing ADHD physicians expect to prescribe Qelbree to an impressive 20% of their patients over the next 5 years – largely at the expense of current nonstimulant therapies (e.g., Strattera) but also from stimulant medications (e.g., Ritalin)."
Shares of Supernus Pharmaceuticals closed at $27.97 yesterday.
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