Canaccord Reiterates A Buy On Lannett Company Following FDA Approval For Generic Codeine Sulfate
In a research note issued earlier today, Canaccord analyst John Newman reiterated coverage with a “Buy” rating on Lannett Company, Inc. (LCI), and a price target of $55.00 a share.
“Lannett received FDA approval for generic codeine sulfate, which we believe should add ~$1M to revenues in F2015, based on branded sales of $4.3M. Importantly, Lannett will be one of a small number of generics approved, potentially allowing for good pricing power”, Newman wrote.
According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst John Newman, who covers LCI, currently has a one-year average return of -2.4% and a 57% success rate, and ranked #2613 out of 3103 analysts.