TD Cowen analyst Stacy Ku maintained a Buy rating on Supernus Pharmaceuticals (SUPN – Research Report) today and set a price target of $43.00.
Stacy Ku’s Buy rating for Supernus Pharmaceuticals is primarily based on the company’s smooth transition to its next-generation portfolio, particularly the promising progress of its product Qelbree. Despite the slightly lower than anticipated momentum from the third quarter’s back-to-school season, Supernus has shown solid advancement with positive clinician feedback for Qelbree. The company’s Q3 revenue was impressive at $153.9 million, exceeding expectations, driven by the robust performance of Trokendi. The management’s revenue expectations for 2023, between $590-610 million, also support the Buy rating, as it reflects a significant top-line growth, excluding Trokendi.
Furthermore, the launch of Qelbree has been successful, with management predicting an increase in momentum in Q4 due to strong patient demand. Qelbree sales for Q3 reached $37.1 million, showing potential for robust growth, especially as the adult indication continues to gain traction. The overall adult ADHD segment constitutes nearly 70% of the total market, indicating a huge potential for Qelbree. The positive clinician feedback on Qelbree, highlighting its real-world efficacy, tolerability, distinct mechanism of action, and high response rates, also strengthens the Buy rating. Though clinicians anticipate a gradual adoption rate as they gain experience with the product, the positive early patient feedback suggests Qelbree’s potential for significant market penetration.
In another report released on October 25, Piper Sandler also maintained a Buy rating on the stock with a $42.00 price target.
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Supernus Pharmaceuticals (SUPN) Company Description:
Supernus Pharmaceuticals, Inc. engages in the development and commercialization of products for the treatment of central nervous system diseases. Its neurology portfolio consists of Oxtellar XR and Trokendi XR, which treats patients with epilepsy. The firm also develops product candidates for the treatment of impulsive aggression and for the treatment of attention deficit hyperactivity disorder. The company was founded by Jack A. Khattar on March 30, 2005 and is headquartered in Rockville, MD.
Read More on SUPN:
- Supernus Announces Third Quarter 2023 Financial Results
- Supernus to Participate in the Jefferies London Healthcare Conference
- Supernus Pharmaceuticals (SUPN) Q3 Earnings Cheat Sheet
- Supernus announces SPN-830 NDA accepted for review by FDA
- Supernus Announces SPN-830 Apomorphine Infusion Device NDA Accepted for Review by FDA
