Michael Cherny, an analyst from Leerink Partners, reiterated the Buy rating on GoodRx Holdings. The associated price target remains the same with $6.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Michael Cherny has given his Buy rating due to a combination of factors that highlight GoodRx Holdings’ strategic advancements. The recent agreement with Novo Nordisk to offer discounted prices for Ozempic and Wegovy is a notable achievement for GoodRx’s manufacturer solutions segment. This collaboration underscores the potential of GoodRx’s platform, which connects over 5.5 million monthly active users with more than 70,000 retail pharmacies across the United States, to serve as a significant channel for direct-to-consumer pharmaceutical advertising.
Furthermore, the involvement of prominent brands like Novo Nordisk and Eli Lilly in leveraging GoodRx’s platform for their savings card campaigns indicates strong industry confidence in GoodRx’s capabilities. The new management team’s efforts to capitalize on the company’s marketplace foundation to enhance value through additional services have shown promising results, particularly with the growth acceleration in the Manufacturer Solutions segment. These developments collectively reinforce the positive outlook for GoodRx, justifying the Buy rating.
Cherny covers the Healthcare sector, focusing on stocks such as DENTSPLY SIRONA, Doximity, and Cardinal Health. According to TipRanks, Cherny has an average return of 4.6% and a 55.59% success rate on recommended stocks.
In another report released on August 11, TD Cowen also maintained a Buy rating on the stock with a $7.00 price target.