Northland Securities analyst Carl Byrnes initiated coverage with a Buy rating on Opiant Pharmaceuticals Inc (OPNT) today and set a price target of $42. The company’s shares closed yesterday at $10.25, close to its 52-week low of $9.98.
Byrnes wrote:
“We also anticipate Opiant to receive a $13.5MM milestone upon NARCAN® achieving $200MM sales, augmenting its cash position. Fatalities from opioid overdose claim ~50K lives per year in the U.S. The opioid crisis has rapidly transformed into a fentanyl crisis. Illicit drugs are often laced w/ fentanyl, which is 50x more potent than heroin w/ fentanyl having a rapid onset of action and long half-life. Opiant’s lead R&D candidate is OPNT003, nalmefene nasal spray that is 5-fold more potent than naloxone, w/ a rapid onset of action and ~7 hour half-life, making it ideal for treating fentanyl and other synthetic opioid overdose. OPNT003 is being developed using the 505(b)(2) pathway, supported by $12MM in funding from government resources (i.e., NIH and BARDA). The Co.”
According to TipRanks.com, Byrnes has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.0% and a 31.3% success rate. Byrnes covers the Healthcare sector, focusing on stocks such as Aridis Pharmaceuticals Inc, Adamas Pharmaceuticals, and Flexion Therapeutics.
Opiant Pharmaceuticals Inc has an analyst consensus of Moderate Buy, with a price target consensus of $40.
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The company has a one-year high of $29.55 and a one-year low of $9.98. Currently, Opiant Pharmaceuticals Inc has an average volume of 21.38K.
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Opiant Pharmaceuticals, Inc. engages in the development of pharmaceutical solutions for common addictions and related disorders. It 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.
