In a report released on May 7, Marc Goodman from Leerink Partners reiterated a Buy rating on Evolus (EOLS – Research Report), with a price target of $25.00.
Marc Goodman has given his Buy rating due to a combination of factors including Evolus’s recent financial performance and its promising growth prospects. The company’s lead product, Jeuveau, exceeded sales expectations for the first quarter of 2024, showing a significant year-over-year increase. The sales not only surpassed Leerink Partners’ own estimate but also the consensus, indicating strong market performance. Evolus also remains on track regarding its sales guidance for 2024 and anticipates reaching profitability by the end of the year and maintaining it throughout the following year based on non-GAAP operating income.
Additionally, Evolus’s market presence is expanding, with more than 700 new accounts added in the quarter and record consumer engagement in the loyalty program, demonstrating robust brand loyalty and market resilience. The company’s strategic plans to introduce Nuceiva in new markets and the anticipated filing and approval of the Evolysse filler products in the US and Europe further support its revenue goals. Goodman believes that Evolus is well-positioned to achieve its ambitious revenue target by 2028, which includes contributions from both its neurotoxin and filler product lines, reinforcing the company’s status as a top growth story in the sector.
Goodman covers the Healthcare sector, focusing on stocks such as Amylyx Pharmaceuticals Inc, Alkermes, and Biogen. According to TipRanks, Goodman has an average return of 3.6% and a 44.09% success rate on recommended stocks.
In another report released on May 8, Needham also maintained a Buy rating on the stock with a $22.00 price target.
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Evolus (EOLS) Company Description:
Evolus, Inc. is a medical aesthetics company, which engages in the provision of medical aesthetic treatments and procedures. It offers products under the brand of Jeuveau. The company was founded by Scott Cannizzaro in November, 2012 and is headquartered in Newport Beach, CA.
