Stacy Ku, an analyst from TD Cowen, maintained the Buy rating on scPharmaceuticals (SCPH – Research Report). The associated price target is $25.00.
Stacy Ku’s Buy rating for scPharmaceuticals is primarily driven by the strong launch performance and market acceptance of Furoscics, the company’s flagship product. The key factors influencing this positive outlook include the product’s solid value proposition, efficacy, ease of use and its potential as a home-based solution for the estimated two million fluid overload episodes experienced by heart failure patients requiring IV diuretics.
In the third quarter, scPharmaceuticals reported a revenue of $3.8 million from Furoscics, reflecting a quarter-on-quarter growth of 138%. This, coupled with the nearly doubled growth in prescribers, indicates a strong demand for the product. Management’s ongoing efforts in training and education at key centers, aimed at expanding the product’s reach, are also expected to drive sales. The strong feedback from consultants regarding the product’s efficacy and tolerability, as well as the anticipated improvement in shipping rates with better payer coverage, further reinforce the positive outlook. The company’s expansion of its salesforce to support early adopters and attract new prescribers is another factor contributing to the Buy rating. Given these dynamics, Stacy Ku believes that the market’s 2023 revenue expectation of approximately $13 million is achievable for scPharmaceuticals.
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scPharmaceuticals (SCPH) Company Description:
scPharmaceuticals, Inc.engages in the development of transformative pharmaceutical products for subcutaneous delivery. Its products include furosemide, used as parenteral diuretic in treating heart failure and ceftriaxone, used as parenteral antibiotic outside the hospital setting. The company was founded by Pieter Muntendam and Bertram Pitt in February 2013 and is headquartered in Burlington, MA.
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