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Fly News Breaks for May 13, 2019
CPRX
May 13, 2019 | 11:03 EDT
Piper Jaffray analyst Joseph Catanzaro raised his 2019 Firdapse estimates after the "impressive" results reported by Catalyst Pharmaceuticals in the first quarter of sales for the drug, but he also noted that the recent unexpected approval of Jacobus' Ruzurgi for the treatment of pediatric patients with LEMS puts his Firdapse estimates at risk. While acknowledging the potential implications of a Ruzurgi launch, the analyst raised his FY19 Firdapse sales estimate to $72.5M from $41.0M. Catalyst management said they expects Firdapse revenue to "substantially increase" in Q2 over Q1, but would not give 2019 guidance due to last week's news about Ruzurgi, noted Catanzaro, who keeps an Overweight rating and $7.50 price target on Catalyst shares.
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