Alirocumab AdComm Net Positive for Esperion Therapeutics (ESPR) ETC-1002, Needham & Company Says
Needham & Company analyst Chad Messer reiterated a Buy rating and $130 price target on Esperion Therapeutics (NASDAQ: ESPR) following a read-through from Alirocumab AdComm, which they view as a net positive for ETC-1002.
Messer commented, "We walked away from the FDA advisory panel for the PCSK9 inhibitor alirocumab more confident that the FDA continues to accept LDL lowering as an approvable endpoint and will not require a pre-approval CV outcomes trial (CVOT) for ETC-1002. While many panel members want to restrict alirocumab's pre-CVOT approval to HeFH patients, we point out that this Esperion intends to seek a broad LDL lowering label for ETC-1002 not restricted to sub-populations like statin intolerance. In fact, we found the discussion of statin intolerance by the panel to also be positive for ESPR shares. Although the panel was clearly confused about how to define this patient population, they were in agreement that an unmet need exists. We believe the approval of PCSK9 inhibitors will help pave the way for future patient identification."
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Shares of Esperion Therapeutics closed at $100.53 yesterday.