Cantor Fitzgerald analyst Brandon Folkes reiterated a Buy rating on Eagle Pharmaceuticals Inc (NASDAQ: EGRX) today and set a price target of $80. The company’s shares opened today at $69.01.
Folkes noted:
“. We are reiterating our Overweight rating and refining our model and 12-month price target to $80 from $81. Our price-target adjustment is driven by a change in our assumption regarding the path to approval and commercial success for Ryanodex in EHS. We continue to believe that EGRX presents a positive risk-reward opportunity at current levels, with a number of potential upsides to our current forecasts. The change in our assumption regarding Ryanodex is offset by an increased conviction about the long-term potential for the bendamustine franchise (Bendeka +Big Bag) as well as increasing confidence about the opportunity for Fulvestrant, which reads out in 4Q18.”
According to TipRanks.com, Folkes is a 1-star analyst with an average return of 0.1% and a 38.9% success rate. Folkes covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Opiant Pharmaceuticals Inc, and Collegium Pharmaceutical.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Eagle Pharmaceuticals Inc with a $79.25 average price target.
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The company has a one-year high of $85.66 and a one-year low of $48.84. Currently, Eagle Pharmaceuticals Inc has an average volume of 212.5K.
Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EGRX in relation to earlier this year. Most recently, in July 2018, Scott Tarriff, the CEO of EGRX bought 124,804 shares for a total of $504,208.
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Eagle Pharmaceuticals, Inc. engages in the provision of injectable products. Its products include argatroban; ryanodex; docetaxel injection, non-alcohol formulation; and bendeka. The company was founded by Scott L. Tarriff on January 2, 2007 and is headquartered in Woodcliff Lake, NJ.
