In a report released yesterday, William Tanner from Cantor Fitzgerald maintained a Buy rating on Corium (NASDAQ: CORI), with a price target of $14. The company’s shares closed yesterday at $8.31.
“: Announcement that CORI is being acquired by Gurnet Point Capital comes as a surprise to us. We have known the company well since before its IPO and were of the belief that the wind was beginning to fill its sails. Despite some investor hand-wringing over the decision to pursue FDA approval of the donepezil Alzheimer’s patch based on the pilot study (keeping the pivotal data un-analyzed and in reserve), we maintained the belief that the strategy was sound (classic game theory) and that approval would represent a major corporate milestone.”
According to TipRanks.com, Tanner is a 1-star analyst with an average return of -0.5% and a 43.5% success rate. Tanner covers the Healthcare sector, focusing on stocks such as Supernus Pharmaceuticals, Intra-Cellular Therapies, and Evofem Biosciences Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Corium with a $13.50 average price target.
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Based on Corium’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $12.39 million. In comparison, last year the company had a GAAP net loss of $12.94 million.
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Corium International, Inc. is a commercial stage biopharmaceutical company, which develops, manufactures and commercializes pharmaceutical products. The company development platforms enable transdermal delivery of large molecules or biologics, including vaccines, peptides and proteins, as well as small molecules that are otherwise difficult to deliver in a transdermal dosage form. The firm offers its products under the brands Corplex and MicroCor. Corium International was founded by Gary W. Cleary and Adrian L. Faasse, Jr. in 1999 and is headquartered in Menlo Park, CA.