BTIG Believes LOXO Won’t Stop HereBy Austin Angelo
BTIG analyst Dane Leone reiterated a Buy rating on Loxo Oncology (NASDAQ: LOXO) on March 8 and set a price target of $52. The company’s shares closed last Friday at $43.25, close to its 52-week high of $47.46.
“We have updated our model for LOXO’s 10K, but made no change to our market model for larotrectinib (LOXO-101). We reiterate our Buy Rating and $52 Price Target.”
According to TipRanks.com, Leone is a 5-star analyst with an average return of 13.8% and a 71.4% success rate. Leone covers the Healthcare sector, focusing on stocks such as Corvus Pharmaceuticals Inc, Quest Diagnostics Inc, and Trillium Therapeutics.
Loxo Oncology has an analyst consensus of Moderate Buy, with a price target consensus of $51.
Based on Loxo Oncology’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $0 and GAAP net loss of $27.19 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $12.87 million.
Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LOXO in relation to earlier this year.
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Loxo Oncology, Inc. is a biopharmaceutical company, which develops small molecule therapeutics for the treatment of cancer. Its pipeline focuses on cancers that are uniquely dependent on single gene abnormalities, such that a single drug has the potential to treat the cancer with dramatic effect. The company was founded by Joshua H. Bilenker in May 2013 and is headquartered in Stamford, CT.