Oct. 20 at 10:51 AM
H.C. Wainwright⬆️the PT on
$TARS to
$88 from
$72, reit'd at Buy, and said, Heading into earnings and based on our positive sentiment towards the ongoing XDEMVY launch, we have re-evaluated our slope of the launch, adjusting our market penetrations to align with the demonstrated trajectory of drug sales.
We note over the most recent quarters, reported XDEMVY sales have ranged from approximately 18% to 31% QoQ growth for 2025, which we believe can be supported over the near term based on current commercial initiatives discussed below.
More specifically, we have:
(1) increased our penetration and revenue estimates in the coming years driven by expansion of the prescriber base with over 20K ECPs writing for XDEMVY; and
(2) increased our peak estimated 2036 market penetration up from 20% to 25%.
We have raised our sales estimates within our model, and our conviction is based on the XDEMVY launch trajectory. We reiterate our Buy rating and increase our price target to
$88 per share from
$72.
