Supernus assumed with a Buy at Jefferies

Jefferies analyst Andrew Tsai assumed coverage of Supernus Pharmaceuticals with a Buy rating and price target of $45, up from $44. Key opinion leader discussions suggest the recent launch of oral Qelbree, a non-stimulant for attention-deficit/hyperactivity disorder, could reach $750M in peak sales, above the current consensus estimate of $550M and up from a current $75M run rate, Tsai tells investors in a research note. The analyst says 2023 will mark a tough year-over-year comp due to the loss of Trokendi XR, but says this dynamic is widely understood. HE is confident Qelbree and Supernus’s other marketed products will stabilize and grow revenues thereafter.