Oppenheimer analyst Rohit Vanjani today joined the crowd, raising ANI Pharmaceuticals (NASDAQ:ANIP) price target to $55 (from $37), while maintaining an Outperform rating on the stock. This follows the company’s strong third-quarter results, posting revenues of $17.4 million, an increase of 122% from $7.8 million in the prior year period.
Vanjani noted, “Surprisingly, it was not EE/MT that garnered the spotlight, but rather ANI’s recent product acquisitions of Lithobid and Vancocin that stole the show. ANI clearly is no longer levered to just one product, as we believe the company’s 3Q beat and 4Q guidance raise was largely due to the strength in the duo of products. We continue to believe that ANI has a number of levers with the Teva acquired products, with the launch of an authorized generic version of Vancocin, and potentially with EE/ MT.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Rohit Vanjani has a total average return of 39.3% and a 100.0% success rate. Vanjani has a 24.6% average return when recommending ANIP, and is ranked #532 out of 3358 analysts.