Maxim Group analyst Jason McCarthy maintained a Buy rating on Adamis Pharma (NASDAQ: ADMP) today and set a price target of $10. The company’s shares opened today at $3.80.
McCarthy noted:
“Adamis reported 1Q18 with revenue of $3.2M from the compounding business, up 11.9% sequentially. The company ended the period with a net loss of $7.6M and $10.1M in cash on the balance sheet. Growing revenue in the compounding business should continue to partially offset cash burn and we expect that a partnership for Symjepi to come with an upfront payment that could extend the runway. Partnering discussions are advancing. We have removed the risk cut in our Symjepi model (prior 30%) and made some other minor model, increasing PT to $10, from $5..”
According to TipRanks.com, McCarthy is a 2-star analyst with an average return of 0.9% and a 36.8% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.
Adamis Pharma has an analyst consensus of Strong Buy, with a price target consensus of $7.41.
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The company has a one-year high of $6.45 and a one-year low of $2.35. Currently, Adamis Pharma has an average volume of 684.6K.
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Adamis Pharmaceuticals Corp. is a biopharmaceutical company engages in the provision of medical development. Its activities include the combination of pharmaceuticals and biotechnology to produce medicines for patients, and physicians. It focuses on products such as inhaler technology in the field of allergy and respiratory diseases.
