Egalet's Best-In-Class Opioid Abuse Deterrent Continues To Impress

Cantor Fitzgerald reiterated its Overweight rating on Egalet Corp EGLT after it announced positive data of Egalet-002, in a Category 3, intranasal human abuse potential (HAP) study.

Egalet-002, based on the company’s Guardian technology, is in late-stage development for the management of severe pain requiring long-term opioid treatment. The study showed statistically significant LESS drug liking than immediate-release oxycodone.

“Even more impressive, in our view, is that Egalet-002 demonstrated statistically significant LESS Ease of Snorting and Pleasantness of Snorting in a head-to-head against long-acting OxyContin in an exploratory arm,” analyst Chiara Russo wrote in a note.

Despite Egalet has already two products in the market, Russo believes the real value comes from their proprietary Guardian abuse-deterrent technology, which the analyst termed “best-in-class.”

Egalet-002 is the second product in development currently in Phase 3 with data anticipated in the first half of 2017. Egalet’s first proprietary product Arymo, an abuse-deterrent, extended-release morphine formulation, was recently delayed due to the FDA missing the October PDUFA date.

“Within the space that Arymo would play, a small percentage of market share would equate to meaningful revenue for the company,” Russo added.

Russo has a price target of $21 on the stock, which, at last check, rose 5.6 percent to $8.33.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorNewsPrice TargetReiterationAnalyst RatingsCantor FitzgeraldChiara Russo
Benzinga simplifies 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!