Leerink Partners analyst David Risinger maintained a Buy rating on Theravance Biopharma (TBPH – Research Report) on November 7 and set a price target of $14.00.
David Risinger provided a Buy rating for Theravance Biopharma (TBPH) based on several key aspects. Firstly, the company’s Q3 revenue surpassed expectations by 5%, reaching $15.7 million, which indicates a positive financial trajectory. Theravance Biopharma also confirmed its 2023 expense guidance, excluding stock-based compensation, and anticipates achieving non-GAAP profitability in the second half of 2023. Moreover, the company bought back $30.8 million of its shares in Q3 and intends to repurchase approximately $30 million more in Q4, reflecting confidence in its financial stability and future prospects.
The company’s product Yupelri continues to improve its market share, with net sales increasing by 9% YoY to $58.3 million. Furthermore, Theravance Biopharma reported positive study results for Yupelri in China and expects to file in mid-2024. This move is forecasted to provide up to $45 million in development/sales milestones along with low-double-digit tiered royalties. The upcoming results from the PIFR-2 enrollment, expected in January 2024, may also increase the market opportunity for the company’s nebulized products from 10% to 20% of COPD patients. Another promising prospect is ampreloxetine, with top-line results anticipated in 1Q25. These factors, combined with the company’s strong financial performance, led Risinger to maintain his Buy rating for TBPH.
In another report released on November 8, H.C. Wainwright also reiterated a Buy rating on the stock with a $20.00 price target.
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Theravance Biopharma (TBPH) Company Description:
Theravance Biopharma, Inc. operates as a biopharmaceutical company. It focuses on the discovery, research, development, and commercialization of organ-selective medicines. Its products include telavancin under the VIBATIV brand, revefenacin under the TD 4208 brand, and neprilysin. The company was founded in July 2013 and is headquartered in George Town, Cayman Islands.
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