Catalyst Pharmaceuticals price target raised to $24 from $22 at Truist

Truist analyst Joon Lee raised the firm’s price target on Catalyst Pharmaceuticals to $24 from $22 and keeps a Buy rating on the shares. The analyst cites the company having announced acquisition of rights to license Vamorolone, an alternative to existing corticosteroids awaiting FDA approval in DMD, in the North American market from Santhera Pharma for total proceeds of up to $231M plus low-teen royalties. The asset not only adds a rare neuromuscular drug to Catalyst Pharmaceuticals’ pipeline but also opens opportunities for future developmental indications, potentially bigger than DMD, the firm tells investors in a research note.