Oppenheimer analyst Leland Gershell reiterated a Buy rating on ADMA Biologics (NASDAQ: ADMA) today and set a price target of $13. The company’s shares opened today at $6.50, close to its 52-week high of $6.86.
Gershell said:
“This morning’s announcement provides confirmation that ADMA’s biologics manufacturing plant has been upgraded to VAI status. Recall ADMA had stated in late July that it had believed this to be the case, but was awaiting official FDA notification. This update provides us additional comfort that ADMA’s manufacturing remediation is adequate to support approval of both RI-002 (BLA to be re-filed by EO3Q). We reiterate our Outperform rating and $13 PT, and expect the shares to continue their upward move as ADMA achieves its near-term milestones.”
According to TipRanks.com, Gershell is a 3-star analyst with an average return of 16.8% and a 72.7% success rate. Gershell covers the Healthcare sector, focusing on stocks such as Avenue Therapeutics Inc, Evofem Biosciences Inc, and Urogen Pharma Ltd.
ADMA Biologics has an analyst consensus of Strong Buy, with a price target consensus of $10.63.
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Based on ADMA Biologics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $14.75 million. In comparison, last year the company had a GAAP net loss of $9.04 million.
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 ADMA in relation to earlier this year.
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ADMA Biologics, Inc. is a biopharmaceutical company. It develops, manufactures, and intends to commercialize in human plasma and plasma-derived therapeutics. It operates through the following business segments: ADMA BioManufacturing, Plasma Collection Center, and Corporate.
