Piper Jaffray analyst Charles Duncan reiterated an Overweight rating and $7 price target on Catalyst Pharmaceutical Partners (NASDAQ: CPRX) after the company 2Q15 financials and a pipeline update, ending with $67.4M in cash.

"These resources should fully fund operations through Firdapse NDA approval and launch if occurring as planned in 2016," Duncan said. "The company remains on track to complete its Firdapse NDA in 4Q15 which will include a label request for both LEMS and CMS. Management pointed to the expanded access program gaining traction which we interpret as a positive sign around awareness of LEMS/CMS, and appreciation of the potential for meaningful clinical value from Firdapse. With increasingly visible progress on both regulatory and commercial fronts with Firdapse, as well as data driven newsflow from the pipeline that presents upside potential to our model, we anticipate Catalyst to become seen as a fully integrated emerging NeuroInnovator company focused on high value rare diseases over the next 12 months, and we reiterate our Overweight rating and $7 price target on Catalyst."

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Shares of Catalyst Pharmaceutical Partners closed at $4.37 yesterday.