Actionable news
All posts from Actionable news
Actionable news in EGLT: EGALET CORPORATION,

Analyst Sees Nearly 100% Upside In Egalet Following Latest Clinical Data

Egalet EGLT Has 100% Upside Following Latest Clinical Data

Egalet Corp EGLT 2.92% shares are up another 2 percent in early Monday trading following a big 12.5 percent jump on Friday after the company released a new round of trial data for a key drug candidate.

According to JMP Securities, the Egalet rally is far from over.

Egalet announced positive top-line results from its abuse-deterrent, extended release oxycodone product candidate Egalet-002. The drug is being tested for treatment of around-the clock pain severe enough to require opioid treatment.

“The trial achieved its primary comparison, demonstrating a statistically significant lower level of maximum drug liking (Emax) with Egalet-002 compared to immediate-release oxycodone,” JMP analyst Jason Butler explains.

According to Butler, JMP is now shifting its attention to Egalet’s Category 3 HAL study in early 2017 and a possible NDA submission by the middle of the year.

“Separately, we continue to anticipate a near-term regulatory decision regarding ARYMO ER as the FDA continues to work on what is likely to be the abuse-deterrent portion of the label,” Butler adds.

Despite the big rally in Egalet shares following the news, JMP maintains a Market Outperform rating and a $15 price target on the stock, suggesting nearly 100 percent of upside remaining from Friday’s close.

Mar 2016Janney CapitalInitiates Coverage onNeutral
Nov 2015Cantor FitzgeraldInitiates Coverage onBuy
May 2015GuggenheimInitiates Coverage onBuy

© 2016 Benzinga does not provide investment advice. All rights reserved.