On Monday, Catalyst Pharmaceutical Partners (NASDAQ:CPRX) shares saw an increase in its price target to $30.00 from $26.00, while maintaining a Buy rating, as announced by H.C. Wainwright.
This adjustment comes in the wake of Agamree's robust launch performance in the second quarter of 2024, which signals continued strong demand for the drug in the treatment of Duchenne Muscular Dystrophy (DMD).
Agamree's launch on March 13, 2024, has been notable, with the first full quarter of reported revenue demonstrating substantial market penetration.
Analysis indicates that 42% of patients switched from prednisone to Agamree, and 46% of new enrollments came from those previously using Emflaza. This reflects strong market adoption among DMD patients.
The drug has also seen a wide acceptance in the medical community, with 80% of top DMD Centers of Excellence and 140 out of an estimated 250 DMD healthcare providers having submitted at least one enrollment form for Agamree. The focus for future growth lies in deepening the number of prescriptions within these centers.
The expectation of continued strong demand into the third quarter is based on the six-month cycle of patient visits to physicians, coinciding with the six months since Agamree's launch.
The early penetration into the prednisone market is particularly promising, attributed to Agamree's favorable safety profile when compared to prednisone.
With 80% of key DMD sites having enrolled at least one patient, and 45 sites accounting for the majority of the prescribing volume in the DMD sector, the momentum for Agamree is expected to propel its success through the remainder of 2024 and beyond. This positive outlook has led to the raised price target for Catalyst Pharmaceutical Partners.
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