Tarsus Pharmaceuticals assumed with an Outperform at Oppenheimer

Oppenheimer assumed coverage of Tarsus Pharmaceuticals (TARS) with an Outperform rating with a price target of $98, down from $105. The firm views Tarsus as a successful category-creation commercial biotech story, anchored by XDEMVY, the first and only FDA-approved treatment for Demodex blepharitis. The company has recently transitioned from a pre-commercial setup into a validated commercial growth story, with FY2025 net sales of $451.4M and 2026 guidance of $670M-$700M. With 25M DB patients and over 90% coverage, the focus is shifting toward increasing prescribing depth and screening behavior, which Oppenheimer views as a key driver of durable growth.