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 yesterday at $24.90, close to its 52-week high of $25.25.
Tanner said:
“: We are reiterating our Neutral rating and $17 PT for AMAG stock. FDA approval of the Makena auto-injector in February was an important event, in our view. Although it should help stem market-share erosion from generic intramuscular formulations, to an extent, we believe the long-term investment thesis will need to be supported by evidence that other assets could contribute to out-year revenue growth.”
According to TipRanks.com, Tanner is a 4-star analyst with an average return of 8.7% and a 54.3% 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 $22, representing a -11.6% downside.
In a report issued on May 21, Leerink Partners also initiated coverage with a Hold rating on the stock with a $26 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.
