Sep. 2 at 10:45 AM
Oppenheimer🏁
$PTHS Outperform/
$50.
$LGND $VRCA $JNJ
Oppenheimer said: We are initiating coverage of Pelthos Therapeutics (
$PTHS) with an Outperform rating and a
$50 PT.
$PTHS emerges from the July merger between Channel Therapeutics and a subsidiary of
$LGND controlling rights to the FDA-approved ZELSUVMI.
$PTHS is focused on the commercial launch of ZELSUVMI, announced in July, for the treatment of molluscum contagiosum (MC), a large indication impacting ~6M patients annually in the US.
ZELSUVMI is one of only two products approved in the US for the treatment of MC available today, where we see it becoming the market leader over
$VRCA's YCANTH, driven by its at-home use by the patient or caregiver.
Our view has been supported based on multiple KOL discussions and their preference to not manage these patients in office.
