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Adamis Pharmaceuticals Corp ׁ(ADMP) In Talks With Two Potential Partners; Maxim Weighs In


Adamis Pharmaceuticals Corp (NASDAQ:ADMP) shares are shooting up 34% faster than Jack’s magic bean sparking right into a giant beanstalk. The reason? The drug maker disclosed today that it’s negotiating with two potential partners to commercialize the company’s first FDA approved product, Symjepi, a low-cost alternative to Mylan’s EpiPen.

Adamis CEO Dr. Dennis J. Carlo said, “I am confident both groups are capable of producing value for Symjepi in the market. Each group is engaged in what we believe are later stages of diligence, which may include discussions with potential drug buyers, wholesalers and distributors, that we believe will help refine their commercial plans.”

Maxim analyst Jason Kolbert commented, “We remain hopeful to see a deal “soon.” With the press release from Adamis, we are hopeful we will see a commercialization deal for Symjepi “soon”. We are looking for deal terms that will be superior (given the fact that Symjepi is now an approved product). Recall that the prior deal (Watson, the generic division of Allergan {AGN – NR}) has proposed $32.5M in payments (combination of upfront, regulatory and performance milestones) as well as double digit royalties on all U.S. sales of PFS.”

Kolbert reiterates a Buy rating on ADMP shares, with a price target of $5.00, which implies a potential upside of nearly 50% from current levels. (To watch Kolbert’s track record, click here)

Aside from this rating, ADMP has received two other bullish analyst ratings in the last three months. Raymond James’ Elliot Wilbur issued a Buy rating on the stock, with a $7.00 price target. Similarly, B.Riley FBR analyst Andrew D’silva reiterated a Buy rating with a $9.50 price target.

 

Adamis Pharmaceuticals is a specialty biopharmaceutical company focused on developing and commercializing products in the therapeutic areas of respiratory disease and allergy. The company’s first product, Symjepi (epinephrine) Injection 0.3mg, was approved in June 2017 for use in the emergency treatment of acute allergic reactions, including anaphylaxis.