In a report released today, Brandon Folkes from Cantor Fitzgerald reiterated a Buy rating on ANI Pharmaceuticals Inc (NASDAQ: ANIP), with a price target of $74. The company’s shares opened today at $55.25.
Folkes observed:
“. Post 2Q18, we are reiterating our Overweight rating and lowering our 12-month price target to $74, from $85. The reduction in price target is driven by lower estimates, partially offset by marginal multiple expansion due to increased visibility on the timing of cortrophin gel. Despite the weak quarter, the company continues to advance its potentially transformational corticotropin product, and has committed to an sNDA filing goal of 1Q2020. If ANIP is successful in gaining approval for this product, and is able to capture a small portion of the Acthar market, this could result in an additional $100MM+ in revenue for the company. For context, the midpoint of the company’s 2018 revenue guidance in $200MM.”
According to TipRanks.com, Folkes is a 1-star analyst with an average return of -2.9% and a 40.7% success rate. Folkes covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Opiant Pharmaceuticals Inc, and Eagle Pharmaceuticals Inc.
Currently, the analyst consensus on ANI Pharmaceuticals Inc is a Strong Buy with an average price target of $75.
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The company has a one-year high of $74.70 and a one-year low of $42.23. Currently, ANI Pharmaceuticals Inc has an average volume of 86.16K.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock.
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ANI Pharmaceuticals, Inc. is a pharmaceutical company, which engages in developing, manufacturing, and marketing branded and generic prescription pharmaceuticals. Its areas of product development include narcotics, oncolytics, hormones and steroids, and complex formulations involving extended release and combination products.
