LNTH - Lantheus initiated at market outperform at JMP Securities on medtech growth

2023-03-08 12:11:38 ET

• JMP Securities has initiated Lantheus Holdings ( NASDAQ: LNTH ) with a market outperform rating saying the radiopharmaceuticals-focused company has "morphed into a MedTech growth leader with sustainability for years to come."
• The firm has a $120 price target (~66% upside based on Tuesday's close).
• Analyst David Turkaly noted that Lantheus' ( LNTH ) Pylarify and Definity as instrumental to its growth. The former is a diagnostic agent indicated for PET scans of prostate-specific membrane antigen-positive lesions in men with prostate cancer and the latter is an ultrasound contrast agent.
• Pylarify, which was approved in mid-2021, earned $43M in revenue in that year. In 2022, sales soared to $527M.
• "Importantly, the proprietary features of this agent (including its half- life and manufacturing capacity advantages), in conjunction with its first-mover status should pave the way for significant growth for years to come," Turkaly wrote. He sees $1.6B in peak sales.
• Turkaly said that the company's pipeline is also robust, singling out PNT2002 for prostate cancer as "potentially transformative."
• Read why Seeking Alpha contributor Zach Bristow calls Lantheus ( LNTH ) a buy.

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