Leerink Partners Remains Sidelined on OvaScience (OVAS) Following 1Q

Leerink Partners reiterated a Market Perform rating on OvaScience (NASDAQ: OVAS), and raised the price target to $7.00 (from $6.00), following the company's 1Q earnings report. OVAS reported EPS of ($0.80) which was below Leerink Partners' estimate of ($0.75). The weakness in EPS was due to higher than expected COGS and R&D costs, slightly balanced with lower SG&A for the quarter.

Analyst Paul Matteis commented, "Today after the close, OVAS announced 1Q16 results including 1Q16 EPS of ($0.80) which was below our estimate of ($0.75). The lower EPS was due to higher than expected COGS and R&D costs, slightly balanced with lower SG&A for the quarter. We are updating our model to reflect 1Q16 results and spend with a new PT to $7 as we move our model forward. On the call, incoming CEO, Harald Stock outlined the key objectives and vision for the company which provided more granularity than provided at an earlier investor dinner meeting [LINK]. In addition, OVAS gave updates to two ongoing studies and OvaPrime: (1) Japan completed enrollment of the non-commercial IVF study, (2) the IVI egg allocation study is proceeding and should have data by 2H17 and (3) OvaPrime study ongoing ex-US with update on path forward by YE16. Reiterate MP in OVAS."

For an analyst ratings summary and ratings history on OvaScience click here. For more ratings news on OvaScience click here.

Shares of OvaScience closed at $6.80 yesterday.

You May Also Be Interested In

• Yeti Holdings Inc. (YETI) PT Raised to $45 at Stifel on Beat and Raise Q2 Results
• Jubilant Foodworks Ltd (JUBI:IN) PT Raised to INR668 at Nuvama
• Celcuity Inc (CELC) PT Lowered to $150 at Stifel as Gedatolisib Distribution Initiated