Wait- Is This the Same Lpath That Summer Street Rated a Buy -Price Target $18- 2 Mos Ago?
: Summer Street Initiates Lpath Incorporated at Buy on Valuation
David Johnson, Benzinga Staff Writer
December 27, 2012 11:11 AM
Summer Street initiated coverage on Lpath Incorporated (NASDAQ: LPTN[FREE Stock Trend Analysis]) with a Buy rating and an $18 price target.
Summer Street noted, "Lpath's valuation is compelling when compared to other platform companies in similar positions. Our iSONEP royalty projections begin in 2017 at $28MM and grow to $692MM in 2021, despite sharing the frontline market opportunity with a potential anti-PDGF inhibitor. By only including a portion of the frontline AMD market with VEGF inhibitors and the initial market refractory anti-VEGF agent failures, our model may be overly conservative." Lpath Incorporated closed at $4.90 on Wednesday.