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Fly News Breaks for March 4, 2020
AGN, EOLS
Mar 4, 2020 | 14:13 EDT
Stifel analyst Annabel Samimy reiterated a Buy rating and $33 price target on Evolus (EOLS), whose shares are "under pressure" following several Koreanpress reports regarding Allergan's (AGN) U.S. ITC case against Evolus. Samimy said that the reports stem from recently completed evidentiary hearings, from which all disclosures are still confidential, though this has not stopped the battle from playing out int he Korean press. The analyst said that Medytox has made various comments in their favor, possibly in an effort to manipulate an outcome. That said, Samimy noted that only the ITC judge can issue a ruling and all case facts will be considered, and there is no read through at this time. The analyst acknowledges the uncertainty, but remains supportive of Evolus' position and impressed with its commercial execution.
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