UPDATE: Jefferies Initiates Supernus Pharmaceuticals at Buy; Outlook Compelling Ahead of Key Launches

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Jefferies initiated coverage on Supernus Pharmaceuticals
SUPN
with a Buy rating and a $13.00 price target. Jefferies commented, "With two recently approved epilepsy drugs (each ~$250M peak), pipeline optionality and little binary risk, SUPN offers a compelling risk/reward with only ~$175M EV.Launch expectations have dropped precipitously and although consensus seems low on 2013 expenses, based on our conversations with high-prescribing neurologists, we think the Q1 launch of Oxtellar XR will be surprisingly strong, and drives our $13 target." Supernus Pharmaceuticals closed at $7.48 on Monday.
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Posted In: Analyst ColorInitiationAnalyst RatingsJefferies
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