In a report released today, Brandon Folkes from Cantor Fitzgerald reiterated a Buy rating on Opiant Pharmaceuticals Inc (NASDAQ: OPNT), with a price target of $42. The company’s shares closed yesterday at $17.50, close to its 52-week low of $12.75.
Folkes observed:
“. We reiterate our Overweight rating and are raising our 12- month price target to $42, from $32, on shares of OPNT. Our price target increase is driven by upwards earnings revisions for Narcan and a revised share count post the recently completed equity financing. Opiant is developing treatments focused on multiple addictions including a next-generation, improved Narcan, OPNT003, which has a longer half-life, offering better reversal outcomes in fentanyl-related overdoses. The company’s ability to successfully develop products targeting addiction and overdose has been validated by the approval of Narcan nasal spray in 2015.”
According to TipRanks.com, Folkes is a 1-star analyst with an average return of -1.1% and a 37.5% 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 $42.
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Based on Opiant Pharmaceuticals Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $1.4 million. In comparison, last year the company had a GAAP net loss of $338K.
Based on the recent corporate insider activity of 13 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.
