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Investing.com - Piper Sandler upgraded Supernus Pharmaceuticals (NASDAQ:SUPN) from Neutral to Overweight on Thursday, while significantly raising its price target to $65.00 from $40.00. The $2.69 billion market cap company has seen its stock surge over 51% in the past six months, trading near its 52-week high of $49.66.
The upgrade comes after Piper Sandler reassessed the sales potential of Onapgo, Supernus’s apomorphine-based continuous subcutaneous infusion pump for advanced Parkinson’s disease, which launched in late April. The firm now projects U.S. peak sales potential exceeding $300 million for the treatment. According to InvestingPro data, the company maintains impressive gross profit margins of 88.5% and holds more cash than debt on its balance sheet.
Piper Sandler highlighted that Onapgo requires minimal promotional investment since Supernus is leveraging its existing Parkinson’s disease-focused commercial infrastructure that previously supported Gocovri. InvestingPro analysis reveals 10+ additional insights about Supernus’s financial health, which is rated as "GREAT" by their proprietary scoring system.
The research firm expects Onapgo to become an anchor product alongside Qelbree and Zurzuvae in Supernus’s portfolio, potentially driving long-term EBITDA compound annual growth rate in at least the mid-teens from 2026 onward.
Piper Sandler forecasts Supernus’s 2026 EBITDA at approximately $227 million, which is substantially above consensus estimates, noting the company currently trades at an enterprise value to 2026 estimated EBITDA multiple of about 10x.
In other recent news, Supernus Pharmaceuticals reported its Q2 2025 earnings with a revenue of $165 million, exceeding the forecast of $154.3 million. However, the company’s earnings per share (EPS) were $0.40, which fell short of the projected $0.48. This mixed financial performance was complemented by a strong showing from its products Qelbree and Gocovri, contributing significantly to the revenue growth.
In terms of analyst activity, Cantor Fitzgerald raised its price target for Supernus Pharmaceuticals to $63.00, citing a faster-than-expected adoption rate of ONAPGO. Piper Sandler also increased its price target to $40.00, highlighting the strong launch performance of Onapgo as a potential upside driver. Stifel followed suit by raising its price target to $43.00, noting the company’s robust second-quarter performance. These recent developments indicate a positive outlook from analysts regarding Supernus Pharmaceuticals’ growth potential.
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