- Following earning-led gains in the previous session, Esperion Therapeutics ( NASDAQ: ESPR ), a pharma company focused on high cholesterol levels, dropped Wednesday after Credit Suisse downgraded the stock to Underperform from Neutral, noting a limited upside until a key data readout in 2023.
- The company is advancing bempedoic acid, one of its lead assets, in a study called CLEAR Cardiovascular Outcomes Trial (CVOT) with topline data expected in 1Q 2023.
- Though Esperion ( ESPR ) has lost ~60% over the past 12 months, the analysts led by Judah Frommer agree with the management about an inflection in the sentiment/sales following a positive CVOT readout given the favorable design of the study.
- However, the analysts downgrade Esperion ( ESPR ), citing its relative risk/reward compared to the firm’s wider coverage universe in the near term. The price target lowered to $6 from $7 stands ~42% lower than the current average price target for the stock on Wall Street.
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Esperion downgraded at Credit Suisse citing limited upside until key readout