In a report released yesterday, David Buck from B.Riley FBR maintained a Buy rating on Amag Pharmaceuticals (NASDAQ: AMAG), with a price target of $30. The company’s shares opened today at $21.25.
Buck noted:
“This morning, 6/25, before market open, AMAG Pharmaceuticals (Buy, $30 PT) announced plans to launch an authorized generic version of the single-dose intramuscular formulation of Makena (pre-term labor) with its generic partner, Prasco Laboratories. This comes following FDA’s approval for a first generic Makena (single-dose intramuscular) by Luitpold Pharmaceuticals on 6/21. Investors should realize (1) AMAG will keep vast majority of profits; we expect 80%-90% while Prasco receives a distribution fee. (2) Generic launch in very late June or early July is in keeping with AMAG’s guidance and far better than the worse case of early February when Makena’s orphan drug exclusivity expired.”
According to TipRanks.com, Buck is a 4-star analyst with an average return of 15.4% and a 67.6% success rate. Buck covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics Inc, Spectrum Pharmaceuticals, and Supernus Pharmaceuticals.
Amag Pharmaceuticals has an analyst consensus of Hold, with a price target consensus of $22.60.
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Based on Amag Pharmaceuticals’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $54.24 million. In comparison, last year the company had a GAAP net loss of $36.56 million.
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AMAG Pharmaceuticals, Inc. is a biopharmaceutical company, which focuses on the research, development, and commercialization of a therapeutic iron compound to treat iron deficiency anemia. The firm focuses on the development and commercialization of Feraheme injection for intravenous use to treat iron deficiency anemia.
