Maxim Group raised its price target for Agile Therapeutics (NASDAQ:AGRX) to $8 from $3 after the FDA approved the company’s weekly contraceptive patch, Twirla. The stock closed at $4.07 on Feb. 14.
Agile shares have risen since the middle of the fourth quarter of 2019 as expectations have been building around the PDUFA date, first set for Nov. 16 and then extended to Feb. 16. “We expect this trend to continue as the company now focuses on commercial preparations and reimbursement,” writes analyst Jason McCarthy.
Agile had endured two complete response letters for Twirla, a tough FDA advisory committee meeting in October and a delayed PDUFA decision date. “As such, we see the approval as a hard-earned and well-deserved success for Agile’s management team, and for women, who now have a new low-dose hormonal, once-weekly combination contraception option,” Mr. McCarthy said.
In addition, he said the news demonstrates movement by regulators to bring more women’s health-related products to approval.
