Horizon Pharma PLC (NASDAQ:HZNP) announced that it has entered into a rebate agreement with Prime Therapeutics, which secures formulary status for its primary care medicines. The rebate agreement begins on October 1, 2016.
“Our philosophy is and will continue to be to ensure that patients have access to the medicines their physicians prescribe,” said Timothy P. Walbert, chairman, president and chief executive officer. “The Prime Therapeutics rebate agreement in addition to the previously announced CVS/Caremark agreement provides increased access to patients as well as sustainability and durability for our primary care business. We continue discussions and negotiations with other pharmacy benefit managers and payers with the goal of further increasing patient access for our clinically relevant primary care medicines.” (Original Source)
Shares of Horizon Pharma closed yesterday at $18.78, down $0.08 or -0.42%. HZNP has a 1-year high of $23.70 and a 1-year low of $12.86. The stock’s 50-day moving average is $20.03 and its 200-day moving average is $17.65.
On the ratings front, HZNP stock has been the subject of a number of recent research reports. In a report issued on September 23, Morgan Stanley analyst David Risinger reiterated a Hold rating on HZNP, with a price target of $24, which implies an upside of 28% from current levels. Separately, on September 13, Brean Capital’s Difei Yang reiterated a Buy rating on the stock and has a price target of $30.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, David Risinger and Difei Yang have a total average return of -3.2% and 0.1% respectively. Risinger has a success rate of 41% and is ranked #3594 out of 4181 analysts, while Yang has a success rate of 40% and is ranked #2402.
Overall, 2 research analysts have assigned a Hold rating and 9 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $34.20 which is 82.1% above where the stock closed yesterday.
Horizon Pharma Plc engages in the research, development, and market of pharmaceutical products. Its medicines intend to treat arthritis, inflammation, and orphan diseases. It distributes under the following brands: Actimmune, Buphenyl, Duexis, Krystexxa, Migergot, Pennsaid, Ravicti, Rayos, and Vimovo.