Cantor Fitzgerald analyst Louise Chen noted that Evolus (EOLS) shares were down 9% intraday following headlines from the Korean press related to the company and Daewoong's ongoing ITC case with Allergan (AGN) and Medytox. Following the company's update, and her conversations with management this morning, Chen said she "strongly" believes the negative reaction is overdone and presents a good buying opportunity ahead of what she predicts will be strong sales momentum for Jeuveau in 2020. Chen reiterates an Overweight rating and $35 price target on Evolus shares.

The company states: "Evolus announced that the Aesthetic Surgery Journal has published the safety and duration of effect results from the Phase 2 study of 40U Jeuveau(R) (prabotulinumtoxinA-xvfs) for the treatment of moderate to severe glabellar lines in adult patients. The "extra-strength" glabellar line study is a multicenter, double-blind, randomized, Phase 2 trial following 150 patients for up to 12 months or until the patient loses their correction. The study has three arms: Jeuveau(R) Extra-Strength 40U and two active controls, BOTOX(R) 20U and Jeuveau(R) 20U. Efficacy results demonstrated 26 weeks, or 6 months duration across the multiple metrics presented, including the time it took for patients to return to their baseline GLS score after their treatment, the duration of effect for a patient with at least a one-point GLS improvement, and the time it took a patient to return to their baseline using the Global Aesthetic Improvement Scale. The safety profile was similar across all three arms and overall, 88.9% of adverse events were rated as mild and no serious adverse events were identified."