JMP Securities remains bullish on Lantheus after Lilly’s acquisition of Point Biopharma

JMP Securities reiterates an Outperform rating and a price target of $130 on shares of Lantheus (LNTH) following Eli Lilly’s (LLY) acquisition of Point Biopharma (PNT). Recall that Lantheus in-licensed worldwide commercialization rights for the acquiree’s PNT2002 asset for the treatment of metastatic castration-resistant prostate cancer in late 2022. The firm believes that PNT2002 could be potentially transformative for Lantheus, provided that the asset could represent the company’s first meaningful therapeutic oncology offering with biotech-pharma-line economics accruing to Lantheus. JMP believes Lilly’s purchase further validates the potential value that PNT2002 could unlock in the radiopharmaceutical arena. The deal should not alter or change the agreed upon terms of Lantheus and Point’s previous exclusive agreement as the partnership is passed along to Eli Lilly.