Pelthos Therapeutics price target raised to $57 from $50 at Oppenheimer

Oppenheimer raised the firm’s price target on Pelthos Therapeutics (PTHS) to $57 from $50 and keeps an Outperform rating on the shares following the first financial results as a public company. All attention is on ZELSUVMI with its net revenues of $7.1M, just beating our $6.8M estimate, in the first quarter of its launch, the firm notes. However, Oppenheimer’s initial model assumed launch numbers would be supported by significant wholesaler stocking. With stocking a modest factor, the firm increases its Q4 net revenue projection dramatically to $16.2M from $4.5M, supported by October scripts growing over 40% vs. September. The firm does expect the growth rate to taper some entering the holidays.