Cantor Fitzgerald analyst William Tanner reiterated a Hold rating on Amag Pharmaceuticals (NASDAQ: AMAG) yesterday and set a price target of $17. The company’s shares closed on Friday at $23.80, close to its 52-week high of $25.63.
Tanner noted:
“: We reiterate our Neutral rating and $17 PT for AMAG stock. The extent to which AMAG can successfully diversify the business away from Makena remains to be determined, in our view. Although generic formulations have yet to emerge in the marketplace, we believe it is a “when” not “if” situation. Conversion of the market to the auto-injector seems to be progressing reasonably well, but it is reasonable, in our opinion, that generic products will have an impact on the market dynamics.”
According to TipRanks.com, Tanner is a 4-star analyst with an average return of 11.1% and a 57.9% success rate. Tanner covers the Healthcare sector, focusing on stocks such as Synergy Pharmaceuticals Inc, Supernus Pharmaceuticals, and Intra-Cellular Therapies.
Currently, the analyst consensus on Amag Pharmaceuticals is Hold and the average price target is $23.25, representing a -2.3% downside.
In a report issued on June 15, Janney Montgomery also downgraded the stock to Hold with a $20 price target.
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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.
