UPDATE: Stifel Reiterates Buy Rating, Lowers PT on Aratana Therapeutics Following Meetings with Multiple Companies

In a report published Monday, Stifel analyst Jonathan Block reiterated a Buy rating on Aratana Therapeutics PETX, but lowered the price target from $33.00 to $30.00. In the report, Stifel noted, “Over the past couple of weeks we met with several companies in the burgeoning pet therapeutics space. Our work reveals an increasingly competitive environment, notably in the $500MM worldwide osteoarthritis market. All the companies we talked with are targeting an osteoarthritis solution and appear confident of market share gains from NSAIDs (notably Rimadyl). When we combine this diligence with what appears as ‘in-line' efficacy data accompanying AT-001's pilot study, we lower our 2022 market share assumptions. The reduced revenue is offset by Okapi sales (recent acquisition), but with a higher share count we revise our target price to $30 (down from $33). Reiterate Buy.” Aratana Therapeutics closed on Friday at $22.62.