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Odonate Therapeutics Inc (NASDAQ:ODT) is a late-stage biopharmaceutical company focused on the treatment of HER2-/HR+ metastatic breast cancer. Most recently, the company began a Phase 3 study of its tesetaxel therapy Contessa.
The Analyst
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Goldman Sachs' Dana Flanders initiated coverage of Odonate's stock with a Neutral rating and $27 price target.
The Thesis
An unmet need exists for improving quality of life for metatastic breast cancer patients and Odonate's tesetaxel successfully showed a differentiated profile in prior Phase 2 studies relative to on-market IV taxanes, Flanders said. (See the analyst's track record here.)
With an eventual launch of tesetaxel in the U.S. in 2021, followed by a launch in the EU region in 2022 and a 2023 Japanese launch, Odonate could see peak worldwide sales of $1.2 billion, according to Goldman Sachs.
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But Odonate's stock isn't necessarily a buy, and investors may find better value elsewhere, the analyst said. Specifically, Goldman's $27 price target is based on a discounted cash flow model that assumes a 13-percent weighted average cost of capital, a 5-percent terminal growth rate, a ramp in margins in the low 60-percent range and a 20-percent tax rate.
The stock's 8-percent upside potential implies that there is "greater relative upside elsewhere" within Goldman Sach's coverage universe, Flanders said.
Price Action
Shares of Odonate Therapeutics were down 2.24 percent at $24.44 at the time of publication Tuesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.