Piper Jaffray Upgrades Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX), Stock Bounces as a Result

Shares of Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) spiked 35.71% to $1.52 on heavy volume early yesterday afternoon as Piper Jaffray upgraded the stock from “neutral” to “overweight.”

NEW YORK (TheStreet) — Shares of Catalyst Pharmaceuticals (CPRX) were spiking 35.71% to $1.52 on heavy trading volume early Wednesday afternoon as Piper Jaffray upgraded the stock to “overweight” from “neutral.”

The firm also raised its price target to $4 from $1 on shares of the Coral Gables, FL-based biopharmaceutical company.

Piper expects lower clinical risk for the company’s investigational drug candidate Firdapse due to the finalized design of its second Phase III trial set to start this quarter, the Fly reports.

Firdapse is being investigated for the treatment of Lambert Eaton myasthenic syndrome (LEMS), which is an autoimmune disease.

Additionally, the firm believes regulatory risk has been eased due to close interaction with the FDA on the study’s design.

Piper said the program will “soon be back on track and poised for 2017 value creation,” according to a note cited by the Fly.

More than 11.83 million of the company’s shares changed hands so far today vs. its average 30-day volume of 848,516 shares per day.

About Catalyst Pharmaceuticals

Catalyst Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing innovative therapies for people with rare debilitating diseases.

Catalyst is developing amifampridine phosphate for the treatment of LEMS, a rare neuromuscular, autoimmune disorder frequently associated with small cell lung cancer. Catalyst also believes that amifampridine phosphate has the potential to treat other neuromuscular disorders such as congenital myasthenic syndromes and some cases of myasthenia gravis that are refractory to currently approved therapies.

Catalyst is also developing a highly potent GABA-aminotransferase (GABA-AT) inhibitor, designated CPP-115, for the treatment of infantile spasms, a rare form of debilitating epileptic seizures that presents in infants. In in-vitro studies, CPP-115 has proven 200 times more potent than vigabatrin and pre-clinical data suggest that it may also have a better side effect profile. Catalyst licensed rights to CPP-115 and other novel GABA–AT inhibitors discovered by researchers at Northwestern University.

In addition to infantile spasms, CPP-115 may prove effective for a wide range of indications, such as other forms of epilepsy, and perhaps central nervous system (CNS) conditions that result from hypoGABAergic signaling defects, such as Tourette’s disorder, post-traumatic stress disorder, and movement disorders. Catalyst believes that it controls all current intellectual property for GABA-aminotransferase inhibitors.

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Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) shares are moving +30.36% on the news today and have traded in the range of $1.23 – 1.58 during the current trading session. A number of brokerage analysts have recently weighed in on the stock, providing price target projections. The covering firms currently have a consensus one-year price target of $3.63 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  This is the average number from the individual targets provided by the firms.  Analysts are projecting earnings per share of $0.00 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-0.25 per share according to First Call.

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In looking at where Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) is trading on a technical level, the stock is trading +40.73% away from its 50-day moving average of $1.04.  Based on the most recent available data, the equity is -58.87% off of its 52-week high of $3.55 and +186.27% away from its 52-week low which is $0.51.

Today, the stock opened at $1.28 and the last bid at the time of writing stood at $1.46.  During the session thus far, the equity dipped down to $1.23 and touched $1.58 as the high point.  Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) has a market cap of $770974.

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Disclaimer: The views, opinions, and information expressed in this article are those of the authors and do not necessarily reflect the official policy or position of any company stakeholders, financial professionals, or analysts. Examples of analysis performed within this article are only examples. They should not be utilized to make stock portfolio or financial decisions as they are based only on limited and open source information. Assumptions made within the analysis are not reflective of the position of any analysts or financial professionals.

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