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Sharp Downside In Esperion Shares May Be An Overreaction

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As shares of Esperion Therapeutics Inc (NASDAQ: ESPR) plunged more than 40 percent over Wednesday's trading session, numerous analysts were out adjusting recommendations, price targets and estimates.

Citi analyst Joel Beatty made some concerning comments despite a maintained Buy rating. The analyst cut his price target on Esperion shares from $36 to $22.

Amid news the FDA has not yet agreed to LDL "as an approvable surrogate endpoint for [Esperion's] cholesterol agent bempedoic acid," according to Beatty, he voiced concern the company may not receive U.S. approval until 2023, and not until 2020 in Europe.

On the more bullish side of things, Beatty said, "We see the post-close stock price decrease of ~30% as an overreaction given that investors were already mixed on whether the uncertainty around endpoints would be resolved by this update."

Latest Ratings for ESPR

DateFirmActionFromTo
Mar 2019JP MorganUpgradesUnderweightNeutral
Dec 2018Goldman SachsInitiates Coverage OnSell
Oct 2018BTIG ResearchInitiates Coverage OnBuy

View More Analyst Ratings for ESPR
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Posted-In: Analyst Color Price Target Analyst Ratings Movers

 

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