Tarsus Pharmaceuticals price target lowered to $70 from $75 at BofA

BofA lowered the firm’s price target on Tarsus Pharmaceuticals (TARS) to $70 from $75 and keeps a Buy rating on the shares. Q4 capped off a “solid year” for the company, with lead drug Xdemvy beating revenue estimates, the analyst tells investors in a research note. The firm added, though, that it is lowering its near-term revenue forecast while maintain an above-consensus FY25 revenue estimate as it sees a multitude of commercial tailwinds. Longer-term, BofA sees Xdemvy peak sales modestly exceeding $1B given substantial prevalence, long IP runway, and presumed pricing power.