ANI Pharmaceuticals: Convertible Offering Leaves A Lot Of Dry Powder, Says Oppenheimer
In a research report sent to investors today, Oppenheimer analyst Rohit Vanjani reiterated an Outperform rating on ANI Pharmaceuticals (NASDAQ:ANIP) with a $58 price target, as the company issued $125 million of convertible debt with an interest rate of 3% and a strike price of $69.48.
Vanjani observed, “Shares of ANI have responded to the news of the convertible offering with a 12% decline. However, we view the pullback as a buying opportunity. The company still has a number of earnings levers, which we conservatively leave as upside, and the convert leaves ANI with plenty of cash for accretive acquisitions.”
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 32.6% and a 100.0% success rate. Vanjani has a 42.3% average return when recommending ANIP, and is ranked #390 out of 3398 analysts.