Piper Sandler upgraded Supernus Pharmaceuticals (NASDAQ:SUPN) from Neutral to Overweight on Thursday, while significantly raising its price target to $65.00 from $40.00. The $2.69 billion market cap company has seen its stock surge over 51% in the past six months, trading near its 52-week high of $49.66.
The upgrade comes after Piper Sandler reassessed the sales potential of Onapgo, Supernus’s apomorphine-based continuous subcutaneous infusion pump for advanced Parkinson’s disease, which launched in late April. The firm now projects U.S. peak sales potential exceeding $300 million for the treatment.
Piper Sandler highlighted that Onapgo requires minimal promotional investment since Supernus is leveraging its existing Parkinson’s disease-focused commercial infrastructure that previously supported Gocovri.
The research firm expects Onapgo to become an anchor product alongside Qelbree and Zurzuvae in Supernus’s portfolio, potentially driving long-term EBITDA compound annual growth rate in at least the mid-teens from 2026 onward.
Piper Sandler forecasts Supernus’s 2026 EBITDA at approximately $227 million, which is substantially above consensus estimates, noting the company currently trades at an enterprise value to 2026 estimated EBITDA multiple of about 10x.
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