After Citigroup and Cantor Fitzgerald gave Tabula Rasa HealthCare (NASDAQ: TRHC) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Mohan Naidu maintained a Buy rating on Tabula Rasa HealthCare today and set a price target of $97. The company’s shares opened today at $75.65.
Naidu observed:
“3Q18 rev/EPS beat consensus ($54M/$0.26 vs. $53M/$0.25). More importantly, mgmt discussed datapoints from the first partner to license the MedWise platform, who reported annualized savings of $2M vs. control group on 481 patients (~$4K/ person). We anticipate these results to translate to expansion of the contract across the Landmark population. This datapoint along with the CMS pilot results are likely to provide proof points for prospects and help build the pipeline. Aggressive growth targets on the PACE side (100K by 2021, and 200K by 2028) create solid market conditions for TRHC’s one-stop shop strategy for PACE programs. Additionally, the continued traction with the Portugal pilot (expect live in 1H’19) is very encouraging and is likely to translate into further international opportunities. Increasing our PT to $97.”
According to TipRanks.com, Naidu is a 5-star analyst with an average return of 15.8% and a 61.8% success rate. Naidu covers the Services sector, focusing on stocks such as Tivity Health Inc, Hms Holdings Corp, and Evolent Health.
Tabula Rasa HealthCare has an analyst consensus of Strong Buy, with a price target consensus of $90.17, a 19.2% upside from current levels. In a report released today, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $99 price target.
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Based on Tabula Rasa HealthCare’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $29.03 million. In comparison, last year the company had a net profit of $7.7 million.
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Tabula Rasa Healthcare, Inc. engages in the development of pharmaceutical software that optimizes medication regimens. It offers cloud-based applications, such as EireneRx and MedWise Advisor. The company was founded by Calvin H. Knowlton and Orsula V. Knowlton in April 2009 and is headquartered in Moorestown, NJ.
