Shares of Esperion Therapeutics (ESPR) - Get Report rose nearly 5% to $43.27 in premarket trading on Tuesday. J.P. Morgan analysts increased their price target on the stock to $50 from $22 on the heels of Esperion's announcement on Monday that the U.S. Food and Drug Administration recently confirmed that the company's LDL-C lowering program is adequate to support approval of an LDL-C lowering indication for bempedoic acid.
"Given bempedoic acid has consistently demonstrated LDL-C lowering of 20%+ on top of statins in prior trials, we continue to see a solid likelihood of clinical success when the phase IIIs read out in mid-2018," J.P. Morgan analysts wrote in a note. "However, while we still see some upside in the stock from current levels, we see fewer catalysts to drive upside in 2017 and are maintaining our Neutral rating."
Among the other stock movers was BioCryst Pharmaceuticals (BCRX) - Get Report , whose shares were up 3% to $9.48. The Research Triangle, N.C.-based firm develops small-molecule drugs that block key enzymes involved in rare diseases.