Horizon Pharma PLC (NASDAQ:HZNP), a biopharmaceutical company focused on improving patients’ lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs, today announced that the United States Patent and Trademark Office (USPTO) has granted a Notice of Allowance for U.S. patent application number 14/563,000 (U.S. publication number 2015-0141388), entitled “Delayed-Release Glucocorticoid Treatment of Rheumatoid Disease” that covers Horizon’s U.S. approved medicine RAYOS (prednisone) delayed-release tablets.
The Notice of Allowance concludes the substantive examination of the patent application and will result in the issuance of a U.S. patent after administrative processes are completed. The U.S. patent scheduled to issue from this application will expire August 3, 2027. After issuance, Horizon plans to list the patent in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations, or Orange Book. This will be the eighth U.S. patent to be listed in the Orange Book for RAYOS. (Original Source)
Shares of Horizon Pharma PLC (NASDAQ:HZNP) is down nearly 2% to $22.09 in pre-market trading. HZNP has a 1-year high of $32.34 and a 1-year low of $12.86. The stock’s 50-day moving average is $19.57 and its 200-day moving average is $17.26.
On the ratings front, HZNP has been the subject of a number of recent research reports. In a report issued on August 9, Mizuho analyst Irina Rivkind Koffler reiterated a Buy rating on HZNP, with a price target of $24, which implies an upside of 6.1% from current levels. Separately, on the same day, Jefferies Co.’s David Steinberg reiterated a Buy rating on the stock and has a price target of $27.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Irina Rivkind Koffler and David Steinberg have a total average return of 24.7% and 3.4% respectively. Koffler has a success rate of 61.1% and is ranked #14 out of 4124 analysts, while Steinberg has a success rate of 60.2% and is ranked #943.
Overall, 2 research analysts have assigned a Hold rating and 9 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $30.43 which is 34.6% above where the stock closed yesterday.
Horizon Pharma Plc is a specialty biopharmaceutical company, which engages in the business of identifying, developing, acquiring and commercializing differentiated products that address unmet medical needs. It markets a portfolio of products in arthritis, inflammation and orphan diseases. The company was founded on December 20, 2011 and is headquartered in Dublin, Ireland.