Esperion Therapeutics Downgraded By JPMorgan After Concerns With FDA Endpoint

Loading...
Loading...

On a day filled with individual biotech stocks suffering large plunges, Esperion Therapeutics Inc ESPR was one of the bigger movers, falling 40 percent. Esperion gave a regulatory update for ETC-1002. The FDA didn't sign off on lowering of LDL-C as an acceptable regulatory endpoint for approval for treatment of stating-intolerant patients.

JPMorgan wrote in a note that they viewed the news as a overhang in the U.S. as the FDA may still want class-by-class outcomes after the initial approval of LDL-C as a surrogate endpoint. However, JPMorgan noted Esperion may have a path forward with the EMA, as the MAA filing will be judged based on Phase 3 LDL-C lowering efficacy studies starting this year.

Despite this small silver lining, the sell-side firm downgraded Esperion from Overweight to Neutral, while drastically cutting price target from $50 to $15 per share.

date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorBiotechDowngradesAnalyst RatingsMoversGeneralJPMorgab
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...