Botox Rival Evolus Roars Back With 123% Rally Despite FDA Delay [MSN Money]
ALLERGAN INC (AGN)
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Source: MSN Money
© Patrick T. Fallon/Bloomberg A vial of Allergan Inc. Botox cosmetic and a syringe are arranged for a photograph at the offices of Marcus Facial Plastic Surgery in Redondo Beach, Calif. on April 22, 2014. (Bloomberg) -- Evolus Inc. is reaching new highs, shrugging off a delay of potential approval of its Botox-rivaling wrinkle treatment. The Street’s also unanimous in its love, with all analysts giving the shares a buy rating. Why so much optimism when a Food and Drug Administration regulatory decision on the company’s key product, DWP-450, was pushed back from a hoped-for summer verdict to spring 2019? Some of the enthusiasm may stem from the company’s new Chief Executive Officer, David Moatazedi. He came to the company from their foremost competitor in the aesthetic market, Botox-maker Allergan Plc. The Street may also be thinking that a spring 2019 approval may be a conservative estimate from management. JMP analyst Donald Ellis said in a note after Evolus’ update
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