Earlier this month, the FDA approved ARS Pharmaceuticals Inc’s (NASDAQ:SPRY) neffy (epinephrine nasal spray) for the emergency treatment of allergic reactions (Type I), including those that are life-threatening (anaphylaxis), for adult and pediatric patients.
ARS Pharma’s Neffy is to be an alternative to EpiPen and other autoinjectors like Sanofi SA’s (NASDAQ:SNY) Auvi-Q filled with epinephrine.
Also Read: Allergic Reaction Focused ARS Pharmaceuticals’ Lead Candidate Shows Efficacy In Skin Disorder.
Cantor Fitzgerald initiated coverage on ARS Pharmaceuticals, noting that the “media coverage of neffy was unusually high.”
The analyst highlights the widespread prevalence of food and other allergies and emphasizes the attractiveness of a delivery method that avoids intramuscular injections.
Cantor initiated with an Overweight rating and a price target of $30, representing ~50% upside.
Allergy specialists that the Cantor analyst consulted showed notable familiarity with Neffy but expressed some doubts about its effectiveness in delivering epinephrine during severe anaphylactic emergencies.
Despite this, Cantor expects Neffy to capture around 30% market share in their practices, which is promising even before ARS Pharmaceuticals begins formal promotion.
“We believe neffy is uniquely positioned in the epinephrine market with the potential to change the treatment paradigm for severe allergic reactions for the first time in 40 years,” writes Cantor analyst.
The analyst also notes that the epinephrine market is both substantial and profitable.
The EpiPen achieved peak sales exceeding $1 billion last decade despite the limitations of its intramuscular injection format.
Cantor expects Neffy to reach peak sales of over $1.2 billion by 2031.
Price Action: SPRY stock is up 1.17% at $14.41 at the last check on Tuesday.
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Photo via ARS Pharmaceuticals
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