BTIG analyst Robert Hazlett raised his price target for Zosano Pharma (ZSAN) to $19 and keeps a Buy rating on the shares. The stock in morning trading is up 95%, or $2.10, to $4.31. Zosano's 12-month safety study of Qtrypta, its novel acute migraine therapeutic, demonstrates "rapid, robust, and durable efficacy," Hazlett tells investors in a research note. He believes the study announced this morning should finalize the clinical requirements for a New Drug Application in Q4.
The data continue to support Qtrypta's "meaningful potential" as an acute migraine treatment, particularly for those with nausea or with difficult-to-treat migraine, says Hazlett. He estimates Qtrypta's approval in 2020 with U.S. peak revenue of ~$300M. The analyst estimates Zosano's standalone net present value at $16.94 per share, and the company's potential as a takeover target boosts his price target to $19.
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