scPharmaceuticals (SCPH) PT Raised to $15 at H.C. Wainwright

May 13, 2020 7:34 AM EDT
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Price: $5.11 -0.39%

Rating Summary:
    3 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 9 | New: 42
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H.C. Wainwright analyst Douglas Tsao raised the price target on scPharmaceuticals (NASDAQ: SCPH) to $15.00 (from $13.00) while maintaining a Buy rating.

The analyst commented, "With 1Q results, scPharma provided an update on progress towards its planned resubmission of the Furoscix NDA which is expected in mid-2020. Critical function reliability testing was recently finished with device validation, including shipping, drop, and temperature excursion testing nearly complete. The initial time points for needed drug stability testing have been successfully completed with just one measurement remaining. In December, the company disclosed it successfully completed the needed human factors validation studies, which, in our view, represented the most significant milestone in addressing FDA’s concerns. Once a PDUFA date is set, scPharma management plans to begin pre-commercial activities including hiring sales leadership and some technical sales. The full specialty sales team is going to be hired on a contingent basis for Furoscix’s approval. Management noted it recently completed a market research survey in which respondents unanimously agreed that decreased oral diuretic bioavailability is an impediment to the effective treatment of heart failure (HF), supporting the in use-case for Furoscix. While Covid-19 has not affected needed development and manufacturing work, the company is adapting pre-launch, product awareness and market prep work for the current environment of limited face-to-face engagement. A “coming soon” promotional strategy is anticipated to focus on broad promotion for at home use by patients, leveraging digital channels and internet advertising. scPharma hopes that the annual Heart Failure Society Meeting, scheduled to be held in Cleveland in October, still occurs but is making alternative plans if the conference is eventually canceled. As the company marches towards resubmissions and, more importantly, approval, we bump our price target to $15."

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