- Cantor Fitzgerald launched its coverage on Outlook Therapeutics ( NASDAQ: OTLK ) on Monday with an Overweight recommendation and a 12-month target of $4 per share, expecting the biotech to win the FDA nod for its lead candidate, ONS-5010.
- "We'd be buyers of the name ahead of the summer PDUFA action date," the analyst Kristen Kluska wrote, referring to the FDA action date on Aug. 29 assigned for the company's marketing application for ONS-5010 (Lytenava) in wet age-related macular degeneration (wAMD).
- The analyst explains that Lytenava is an ophthalmic formulation of Roche ( OTCQX:RHHBF ) ( OTCQX:RHHBY ) VEGF inhibitor Avastin which has become the most widely prescribed wet AMD medication despite its safety concerns and off-label use.
- While wet AMD represents "one most apparent treatment success stories in ophthalmology," even a limited share in this market "could still equate to significant revenue opportunities for Outlook" ( OTLK ), Kluska argued.
- Outlook ( OTLK ) is a favorite on Wall Street with four Strong Buy ratings, one Buy rating, and no Hold or Sell ratings.
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Outlook draws bullish views at Cantor on potential FDA nod for lead asset