UPDATE: Oppenheimer Starts 9 Meter Biopharma (NMTR) at Outperform Citing 3 Value Drivers
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Oppenheimer analyst Kevin DeGeeter initiates coverage on 9 Meter Biopharma (NASDAQ: NMTR) with a Outperform rating and a price target of $6.00 citing 3 drivers:
1) potential of NM-002 to recognize 2029 revenues of $725M+ from patients with short bowel syndrome (SBS)
2) opportunity to build GI-focused commercial organization to fully leverage value of NM-002 and other products
3) expectation NMTR will remain active in acquiring GI (gastrointestinal) products.
The analyst stated "Our model calls for the company to commercialize NM-002 in the US and the EU in 2024 with 2029 sales of $727M based primarily on its convenient twice-monthly dosing and the opportunity to reduce frequency and severity of diarrhea. We believe many investors may be overlooking the opportunity for NM-002 to capture meaningful market share in patients not on parenteral support, a market not addressed by Takeda's Gattex."
Shares of 9 Meter Biopharma closed at $1.11 yesterday.
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