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Cantor Fitzgerald analyst Brandon Folkes reiterated a Buy rating on BioDelivery (NASDAQ: BDSI) today and set a price target of $4.50. The company’s shares opened today at $1.75, close to its 52-week low of $1.74.
Folkes noted:
“Positives from the quarter: 1) Belbuca net revenue up 76% over 1Q17, with TRxs up 55% year on year, and 9% over 4Q17. The company recorded its highest ever month of TRxs in March, driven in part by new formulary coverage at Humana (HUM, Neutral, covered by the completion of its sales force expansion, which we expect to fully benefit future quarters. The strong Rx data has continued post quarter end; 2) Appointed a new CEO, Herm Cukier, effective Belbuca enjoyed preferred status on Humana formulary, with no prior authorization required. This drove a 47% increase in over 4Q17. Rxs through CVS (Not covered) grew 25% quarter over quarter following the move to preferred status on 1/1/2018.; 4) Belbuca was launched in and equivalents totaled $12.1MM at 3/31/18, which should fund operations into 3Q18.”
According to TipRanks.com, Folkes is ranked #4619 out of 4793 analysts.
Currently, the analyst consensus on BioDelivery is Moderate Buy and the average price target is $4.25, representing a 142.9% upside.
In a report issued on May 7, H.C. Wainwright also reiterated a Buy rating on the stock with a $4 price target.
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Based on BioDelivery’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $16.21 million. In comparison, last year the company had a net profit of $48.33 million.
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BioDelivery Sciences International, Inc. is a pharmaceutical company, which engages in the development and commercialization of new applications of approved therapeutics to address important unmet medical needs. It focuses on pharmaceutical products in the areas of pain management and addiction.
