UPDATE: Stifel Nicolaus Initiates Esperion Therapeutics at Buy on ETC-1002 Potential

In a report published Monday, Stifel Nicolaus analyst Brian Klein initiated coverage on Esperion Therapeutics ESPR with a Buy rating and $24.00 price target.

In the report, Stifel Nicolaus noted, “We view ETC-1002 as an impressive cholesterol lowering agent that directly targets several unmet needs in a well-established disease space and addresses a multibillion dollar commercial opportunity. ETC-1002 is a novel, oral small molecule in clinical studies for the treatment of LDL-cholesterol (LDL-C) in patients with high cholesterol (hypercholesterolemia) who cannot tolerate standard therapy with statins. Recent results from Esperion's Phase 2a studies demonstrate consistent lowering of LDL-C levels of 27%-40% in the target population as a single agent, which we note is superior to currently available alternatives to statins; the safety and side-effect profile was consistent with placebo. With an addressable population of over two million patients in the U.S. alone, we believe the statin-intolerant market represents a compelling commercial opportunity of over $2 billion; given the success of statins in lowering cholesterol and improving cardiovascular outcomes, we believe that the clinical and regulatory pathways for drugs targeting LDL-C are well established and help de-risk Esperion's current development strategy.”

Esperion Therapeutics closed on Friday at $16.90.