Wednesday was a red-letter day for Amryt Pharma PLC (LON:AMYT, NASDAQ:AMYT), which listed on the NASDAQ exchange for high growth companies.
It did so with the resounding backing of Cantor Fitzgerald, which kicked off its US coverage of the stock with a US$45 a share valuation. To put the 12-month target into perspective, Amryt closed at US$11.25.
The group sells and develops orphan drugs used to treat rare diseases and has two products on the market.
Transformational was its acquisition of Aegerion Pharmaceuticals, which gave it full control of the Lojuxta cholesterol treatment.
The key kickers for the business, according to Cantor, include the continued growth of the approved products; phase III data later this year from AP101 for a rare skin condition; and updates from two separate Lojuxta trials.
On the US listing chief executive, Joe Wiley, speaking to Proactive’s Andrew Scott, said it would “enhance the value of its equity on both sides of the Atlantic” as well as broaden Amryt’s analyst coverage.
“With nearly 70% of our shareholders based in North America, listing on NASDAQ is an important part of our shareholder engagement and development plans,” he told investors yesterday.
“Furthermore, we believe our NASDAQ listing will significantly assist our efforts to drive value for all our stakeholders.”