OraSure Technologies Price Target Raised at Canaccord Following Agreement With AbbVie


In a research note issued today, Canaccord analyst Mark Massaro reiterated a Buy rating and boosted his price target on OraSure Technologies (OSUR) to $11.00 (from $10.00), following OraSure’s new $75M+ co-promotion agreement with AbbVie (ABBV).

While OraSure will reveal additional color of the agreement over the coming months, management highlighted this agreement is comprehensive, and the analyst suspects that the deal will boost OraSure’s presence in public health, physician offices and hospitals.

“We raised our price target to $11 from $10, using a 4.8x P/S multiple on our updated 2015 revenue estimate of $127M (+15.5% Y/Y)”, wrote Massaro.

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