Cantor Fitzgerald analyst Brandon Folkes reiterated a Buy rating on Opiant Pharmaceuticals Inc (NASDAQ: OPNT) today and set a price target of $32. The company’s shares opened today at $17.60, close to its 52-week low of $12.75.
Folkes wrote:
“. Post 2Q18, we reiterate our Overweight rating and 12-month price target of $32. Opiant is developing treatments focused on multiple addictions as well a new product for opioid overdose. The company’s ability to successfully develop products targeting addiction and overdose has been validated by the approval of Narcan nasal spray in 2015. The company entered into an agreement with Adapt Pharma to commercialize Narcan, and Opiant receives royalties on Narcan, which are used to fund its next generation of products, including what we believe to be a next-generation, improved Narcan, OPNT003, which has a longer half life, thereby offering better reversal outcomes in fentanyl-related overdoses.”
According to TipRanks.com, Folkes is a 1-star analyst with an average return of 0.2% and a 45.2% success rate. Folkes covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Eagle Pharmaceuticals Inc, and Collegium Pharmaceutical.
Currently, the analyst consensus on Opiant Pharmaceuticals Inc is a Moderate Buy with an average price target of $32.
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Based on Opiant Pharmaceuticals Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $9.34 million. In comparison, last year the company had a GAAP net loss of $338K.
Based on the recent corporate insider activity of 12 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 OPNT in relation to earlier this year.
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Opiant Pharmaceuticals, Inc. is a biopharmaceutical company, which develops pharmaceutical solutions for common addictions and related disorders. The company focuses on developing treatment to reverse opioid overdoses, treatment for overweight and obese patients with binge eating disorder and treatment for patients with Bulimia Nervosa.
