Market Overview

Esperion Therapeutics Downgraded By JPMorgan After Concerns With FDA Endpoint


On a day filled with individual biotech stocks suffering large plunges, Esperion Therapeutics Inc (NASDAQ: 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.

Latest Ratings for ESPR

Mar 2019UpgradesUnderweightNeutral
Dec 2018Initiates Coverage OnSell
Oct 2018Initiates Coverage OnBuy

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Posted-In: JPMorgabAnalyst Color Biotech Downgrades Analyst Ratings Movers General


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