In a report published Monday, Piper Jaffray & Co. reiterated its Overweight rating on Supernus Pharmaceuticals SUPN, and raised its price target from $12.00 to $15.00.
Piper Jaffray noted, “Supernus reported a 2Q12 net loss per share of ($0.61). With a tentative approval and clearer launch timeline for SUPN's extended-release (ER) formulation of topiramate (SPN-538; trade name is Trokendi XR) now in place (the launch is expected in 3Q13), there is now clear visibility on a transition to a commercial-stage company. The next potential milestone is FDA action on SPN-804 (ER oxcarbazepine), expected in October. We view the SPN-804 application, filed via the 505(b)(2) pathway, as a relatively low risk filing. With potentially two FDA-approved epilepsy products on the market in 2013 and upside from an advancing neuropsychiatric pipeline, we view SUPN shares as attractive in the context of a market cap under $400M. We reiterate our Overweight rating and are raising our PT to $15 from $12 (we are using a higher P/E (11x versus 9x) to better reflect the depth of SUPN's pipeline).”
Supernus Pharmaceuticals closed on Friday at $12.48.
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