Piper Sandler Increases Catalyst Pharma's Price Target Slightly After Q4 Earnings

Piper Sandler raised the price target marginally on Catalyst Pharmaceuticals Inc CPRX to $8.75 from $8.00, with an Overweight rating unchanged.
Catalyst expects FY22 revenue of $195 million - $205 million, driven by transitioning ~125 patients previously on Ruzurgi onto Firdapse, analyst Joseph Catanzaro writes in a research note.
Wall Street's estimate for sales is $198.45 million.
The Company's guidance reflects a continued recovery in macroeconomic and healthcare activity throughout 2022 related to the current COVID-19 environment.
The analyst notes that the growth in new patient enrollment in Q1 is on pace to exceed 2021, driving the analyst to push the Ruzurgi transition fully into Q1/Q2 and take the firm's Firdapse estimate up to $205 million.
The Company reported Q4 sales of $38 million, up 24% Y/Y, slightly ahead of the consensus of $38.19 million.
Catalyst Pharma's Q4 adjusted EPS reached $0.13, beating the consensus of $0.12.
Cash and investments were $191 million.
Price Action: CPRX shares are down 7.10% at $7.33 during the market session on the last check Thursday.

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