On Friday, Citi maintained its positive stance on Catalyst Pharmaceutical Partners shares, raising the price target to $31 from $27 while reiterating a Buy rating.
The firm's decision comes after Catalyst's impressive second-quarter performance, which saw significant momentum across its product portfolio.
Catalyst's recent quarterly report highlighted a surge in patient demand for Agamree, contributing to a successful first full quarter since its launch. The consistent demand for Agamree has led Catalyst to increase its financial guidance for the latter half of the year.
Additionally, Firdapse, another drug in the company's lineup, experienced the highest number of new patient additions since the first quarter of 2021. The quarter also saw a lower-than-average discontinuation rate and an increase in prescription refills for Firdapse.
The management at Catalyst has confirmed its 2024 guidance for Firdapse, anticipating that the positive trends observed will carry on into the second half of the year.
Meanwhile, Fycompa also performed notably well in the second quarter, although specific details were limited. However, the expectation is for stable net revenues to continue, and the 2024 guidance for the drug has been reaffirmed.
Following a review and adjustment of revenue estimates for Catalyst, the new price target of $31 per share reflects an increase of $4. The firm emphasizes the stock's Buy rating, albeit with a High Risk notation, indicating confidence in the company's continued growth potential.
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