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Citi started coverage of Catalyst Pharmaceuticals (NASDAQ:CPRX) with a buy rating, citing the company’s rare disease drug portfolio that it views as largely de-risked.
The investment bank said the company’s flagship product Firdapse for the treatment of LEMS has the potential of hitting peak sales of more than $500M. It noted that Catalyst has expanded its portfolio through by acquiring Fycompa for epilepsy and Agamree for Duchenne muscular dystrophy.
“With Catalyst’s track record for commercializing rare disease assets and a largely de-risked portfolio of products, Citi views CPRX shares as attractive at their current valuation,” the analysts wrote in their note.
Citi set its price target for the stock at $27.
