Lipocine price target lowered to $2 from $5 at H.C. Wainwright
H.C. Wainwright analyst Oren Livnat lowered his price target for Lipocine to $2 from $5 after the company received another Complete Response Letter for Tlando, its oral testosterone replacement therapy. The analyst says that if the FDA is going to hold to "these arbitrary" Cmax thresholds, he does not see any path to approval for Tlando. Livnat now assumes FDA "will not budge." As such, all focus will have to shift to the ongoing Phase 2 of LPCN-1144, an oral testosterone for nonalcoholic steatohepatitis, Livnat tells investors in a research note. This indication is an "extremely high-risk, high-reward play at this point," says the analyst, who sees a "positively skewed" risk/reward for Lipocine shares amid today's selloff. He keeps a Buy rating on the name.