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Will This Upgrade Help Endocyte (ECYT) Today?

NEW YORK (TheStreet) -- Wedbush added Endocyte (ECYT - Get Report) to its "Best Ideas List" and nearly trippled its price target to $65.00 from $23.00 while maintaining an "outperform" rating for the stock in a note published Tuesday.

Wedbush analysts noted that the positive rating was because the EU Committee For Medicinal Products For Human Use (CHMP) gave Endocyte's cancer therapeutic drug Vintafolide its approval. "The EU CHMP announced a positive recommendation for the approval of VYNFINIT (vintafolide) and its companion imaging test FOLCEPRI (etarfolatide) in the platinum-resistant ovarian cancer setting," the note said.

The analysts also noted that Endocyte expects to benefit from greater sales in the EU thanks to the EU CHMP's recommendation: "ECYT commented that by year end they expect reimbursement to be in place for 40% of the potential patient population for both VYNFINIT and the companion imaging test. We put the market opportunity for VYNFINIT at 16,400 patients per year in the EU and model peak sales at $430M."
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Shares of Endocyte closed at $27.22 Monday and are up 4.83% to $28.53 in trading Tuesday.

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Separately, TheStreet Ratings team rates ENDOCYTE INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate ENDOCYTE INC (ECYT) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income and disappointing return on equity."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • ENDOCYTE INC has experienced a steep decline in earnings per share in the most recent quarter in comparison to its performance from the same quarter a year ago. Earnings per share have declined over the last year. We anticipate that this should continue in the coming year. During the past fiscal year, ENDOCYTE INC reported poor results of -$0.50 versus -$0.47 in the prior year. For the next year, the market is expecting a contraction of 8.0% in earnings (-$0.54 versus -$0.50).
  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Pharmaceuticals industry. The net income has significantly decreased by 241.8% when compared to the same quarter one year ago, falling from -$0.85 million to -$2.90 million.
  • The company's current return on equity has slightly decreased from the same quarter one year prior. This implies a minor weakness in the organization. Compared to other companies in the Pharmaceuticals industry and the overall market, ENDOCYTE INC's return on equity significantly trails that of both the industry average and the S&P 500.
  • Compared to its closing price of one year ago, ECYT's share price has jumped by 51.08%, exceeding the performance of the broader market during that same time frame. Regarding the future course of this stock, we feel that the risks involved in investing in ECYT do not compensate for any future upside potential, despite the fact that it has seen nice gains over the past 12 months.
  • The revenue growth came in higher than the industry average of 1.3%. Since the same quarter one year prior, revenues rose by 19.5%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • You can view the full analysis from the report here: ECYT Ratings Report
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