Outlook Therapeutics price target lowered to $9 from $50 at BTIG

BTIG lowered the firm’s price target on Outlook Therapeutics (OTLK) to $9 from $50 and keeps a Buy rating on the shares. The firm says ONS-5010 did not surpass the 95% threshold for the primary endpoint in NORSE EIGHT despite the difference between ONS-5010 and ranibizumab falling within the pre-specified noninferiority margin at eight weeks. Despite NORSE EIGHT technically not meeting its primary endpoint, BTIG remains Buy rated. Outlook is now trading at a zero enterprise value, there is still a chance ONS-5010 could be approved, and the company is likely not getting any credit for ONS-5010’s potential in Europe, where ONS-5010 is already approved and launch is expected to commence in 2025, the analyst tells investors in a research note.