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Egalet Corp (NASDAQ: EGLT) shares are up another 2 percent in early Monday trading following a big 12.5 percent jump on Friday after the company released a new round of trial data for a key drug candidate.
According to JMP Securities, the Egalet rally is far from over.
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Egalet announced positive top-line results from its abuse-deterrent, extended release oxycodone product candidate Egalet-002. The drug is being tested for treatment of around-the clock pain severe enough to require opioid treatment.
“The trial achieved its primary comparison, demonstrating a statistically significant lower level of maximum drug liking (Emax) with Egalet-002 compared to immediate-release oxycodone,” JMP analyst Jason Butler explains.
According to Butler, JMP is now shifting its attention to Egalet’s Category 3 HAL study in early 2017 and a possible NDA submission by the middle of the year.
“Separately, we continue to anticipate a near-term regulatory decision regarding ARYMO ER as the FDA continues to work on what is likely to be the abuse-deterrent portion of the label,” Butler adds.
Despite the big rally in Egalet shares following the news, JMP maintains a Market Outperform rating and a $15 price target on the stock, suggesting nearly 100 percent of upside remaining from Friday’s close.
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.