Shares of pharmaceutical company Esperion Therapeutics (NASDAQ:ESPR) tanked by more than 25% in pre-market trading on Monday after the company announced results from the CLEAR trial evaluating Nexletol for cardiovascular outcomes.
The drug significantly lowered the risk of heart attack as well as revascularization (23% and 19% respectively) and ESPR expects to submit filings with the U.S. Food and Drug Administration (FDA) as well as in Europe in the first half of this year.
Moreover, the company also expects to receive $300 million in partner milestone payments based on the inclusion of certain data in its European label.
Overall, Wall Street has a consensus price target of $13.63 on ESPR, implying a massive 114.98% potential upside in the stock. That’s on top of a 51.3% surge in the share price over the past year.
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