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On Tuesday, Supernus Pharmaceuticals (NASDAQ:SUPN) stock received a price target increase from TD Cowen, with the target moving up to $44.00 from the previous $43.00. The firm maintained a Buy rating on the company’s shares. The adjustment came following the FDA’s approval of Onapgo, a new treatment for OFF episodes in Parkinson’s disease patients. According to InvestingPro data, Supernus demonstrates strong financial health with a "GREAT" overall score of 3.24, supported by impressive gross profit margins of 89%.
The newly approved Onapgo (SC apomorphine pump) is anticipated to be a valuable addition to Supernus’ Parkinson’s disease (PD) portfolio. The product is set to launch in Q2:2025 and is projected to reach potential peak sales of $200 million. The inclusion of Onapgo in Supernus’ offerings has prompted the analysts at TD Cowen to revise their discounted cash flow (DCF)-derived price target upwards. The market has shown confidence in Supernus’s growth potential, with the stock delivering a strong 29.8% return over the past six months and currently trading near its 52-week high of $39.88.
The analysts’ commentary highlighted that the approval of Onapgo should enhance the company’s PD franchise. They have included conservative estimates for Onapgo in their financial models, which contributed to the increased price target. Despite the new product’s promising outlook, the firm’s attention remains focused on Qelbree, another Supernus medication.
Qelbree is expected to continue its steady adoption among both pediatric and adult patients with attention-deficit/hyperactivity disorder (ADHD). The analysts’ positive sentiment on Qelbree’s market performance appears to be a significant factor in their ongoing support for Supernus Pharmaceuticals. The price target raise reflects the analysts’ confidence in the company’s growth prospects, bolstered by the FDA’s recent approval and the anticipated success of its product lineup.
In other recent news, Supernus Pharmaceuticals has been in the spotlight with several significant developments. The U.S. Food and Drug Administration (FDA) recently approved ONAPGO, a wearable subcutaneous infusion device for treating motor fluctuations in adults with advanced Parkinson’s disease. This approval was based on a Phase 3 study, which demonstrated significant reductions in daily OFF time and increases in GOOD ON time. Following this announcement, TD Cowen analyst Stacy Ku raised the price target on Supernus Pharmaceuticals while maintaining a Buy rating, reflecting positive expectations for the company.
Additionally, the FDA approved a label update for Supernus’s ADHD treatment, Qelbree. The updated label now includes new pharmacodynamic data and lactation study results, providing healthcare professionals and patients with comprehensive information to support treatment decisions.
Lastly, the company reported a significant increase in total revenue, reaching $175.7 million, during its third-quarter earnings call. The growth was mainly driven by the company’s key products, Qelbree and GOCOVRI. These recent developments underline Supernus Pharmaceuticals’ commitment to developing novel alternatives for managing neurological conditions and its robust financial performance.
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