News from Korea on Medytox has ‘no implications’ for Evolus, says Barclays

Barclays analyst Balaji Prasad attributed this morning’s surge in shares of Evolus to a Korean Times report that Medytox has received a court order allowing the company to resume sales of Meditoxin, which had been suspended since April 17. This would have provided some upside to local players like Hugel or Daewoong, but is solely applicable to the Korean market, where Evolus “is not a market participant,” Prasad tells investors. The latest developments in Korea “are in no way related to the ITC complaint” involving the company, added Prasad, who believes there has been “a mispriced reaction by the market, likely assuming any legal news to be an update on the much awaited ITC litigation update.” Prasad maintains an Underweight rating and $4 price target on Evolus shares.