Why Maxim Raised Price Target for Adamis Pharmaceuticals Corp

Adamis Stock Can Reach $13 as Symjepi Deal Is Imminent

Maxim analyst Jason Kolbert was out pounding the table on shares of Adamis Pharmaceuticals Corp (NASDAQ:ADMP), reiterating a Buy rating and raising the price target to $13.00, which represents a potential upside of 143% from where the stock is currently trading. (To watch Kolbert’s track record, click here)

Kolbert explained, “We expect a deal “soon.” We estimate that Adamis is now speaking with multiple potential partners to commercialize Symjepi (PFS, the company’s version of EpiPen). We also are looking for deal terms that will now be superior (given the fact that PFS 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.”

The analyst continued, “The 10Q shows that the company ended the period with $11.8M in cash. However, our understanding is that the company now has close to $25M in cash as a result of cash brought in from warrant holders associated with the last financing. As such, we see the company in its best capitalized position ever, with an even stronger balance sheet ahead.”

Adamis Pharmaceuticals shares are currently trading at $5.43, up $0.12 or 2.36%.

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