UPDATE: Oppenheimer Starts Clarus (CRXT) at Outperform

Oppenheimer analyst Leland Gershell initiates coverage on Clarus (NASDAQ: CRXT) with a Outperform rating and a price target of $12.00.

The analyst comments "Approximately 2.2M US men are prescribed testosterone replacement products, a category into which newly-public Clarus brings a first-in-class oral option in the form of twice-daily capsule Jatenzo. We expect this product will take growing share from topical and injectable mainstays as well as increase overall treatment rates among the ~6M US men diagnosed w/low testosterone. Alongside commercial execution, CRXT is actively pursuing once-daily development, indication expansion, and ex-US markets. In women's health, recently in-licensed candidate CLAR-121 has potential to address breast disease (inflammation, cancer). Trading at a $200M enterprise value and with roughly a year of cash on the balance sheet, we expect shares to Outperform as Jatenzo’s launch builds steam."

For an analyst ratings summary and ratings history on Clarus click here. For more ratings news on Clarus click here.

Shares of Clarus closed at $8.81 yesterday.

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