Oppenheimer analyst Leland Gershell maintained a Buy rating on Recro Pharma (REPH) today and set a price target of $9. The company’s shares closed on Friday at $9.72.
Gershell wrote:
“A second CRL for IV meloxicam comes as a surprising disappointment, as we had perceived the issues that held up initial approval as relatively minor and resolvable through further negotiation between REPH and the FDA. Following this recent action, we now lack clarity on approval prospects as well as on how REPH will adequately address the agency’s concerns. We conservatively remove all IVM sales projections from our model pending visibility. Notwithstanding, the CDMO business provides valuation support above current levels, and we do not see any near-term financing need. We maintain our Outperform rating but lower our PT to $9 (from $19).”
According to TipRanks.com, Gershell is a 2-star analyst with an average return of 1.2% and a 40.0% success rate. Gershell covers the Healthcare sector, focusing on stocks such as Anchiano Therapeutics Ltd, Miragen Therapeutics Inc, and Avenue Therapeutics Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Recro Pharma with a $11 average price target.
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The company has a one-year high of $13.05 and a one-year low of $4.78. Currently, Recro Pharma has an average volume of 186.5K.
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Recro Pharma, Inc. is a pharmaceutical company, which engages in the research and development of non-opioid therapeutics for the treatment of acute post operative pain. It operates through the Acute Care, and Contract Development and Manufacturing (CDMO) business segment.
