Cantor Fitzgerald analyst Steven Halper reiterated a Buy rating on Tabula Rasa HealthCare (TRHC) yesterday and set a price target of $99. The company’s shares closed yesterday at $54.76.
Halper noted:
“. We are reiterating our Overweight rating and 12-month price target of $99 on TRHC shares. After the market close on Tabula announced it had acquired PrescribeWellness (PW) for $150M. PW enables TRHC to penetrate the community pharmacy market at scale. The acquisition expands the company’s foot print. On the surface, the acquisition could be viewed as expensive (as a multiple of forward EBITDA), but it enhances the growth potential of TRHC, in our view. We believe PW is a sound strategic fit as TRHC should benefit from its large network and unique capabilities.”
According to TipRanks.com, Halper is a top 100 analyst with an average return of 19.0% and a 63.2% success rate. Halper covers the Services sector, focusing on stocks such as WellCare Health Plans, Tivity Health Inc, and Hms Holdings Corp.
Currently, the analyst consensus on Tabula Rasa HealthCare is a Strong Buy with an average price target of $90.20, representing a 64.7% upside. In a report issued on March 1, Oppenheimer also assigned a Buy rating to the stock with a $97 price target.
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Based on Tabula Rasa HealthCare’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $10.57 million. In comparison, last year the company had a net profit of $10.95 million.
Based on the recent corporate insider activity of 83 insiders, corporate insider sentiment is negative on the stock.
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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.
