Information Provided By:
Fly News Breaks for December 28, 2016
AMPH
Dec 28, 2016 | 06:20 EDT
Wells Fargo analyst David Maris recommends using yesterday's selloff in shares of Amphastar as a buying opportunity. The stock closed down 9%, or $1.86, to $18.57 after the company disclosed a Complete Response Letter from the FDA on Primatene Mist. After pushing Primatene out a year to account for an additional usability study required and reducing his sales forecasts by approximately 50% to account for a lower probability of approval, the analyst dropped his price target range for Amphastar shares to $26-$28 from $28-$30. The CRL is a setback, but not a denial, Maris tells investors in a research note. With Primatene Mist now out of the way, the analyst likes the set-up for the shares into the next two catalysts, which he believes have much higher probabilities of success. The analyst expects approval of nasal Naloxone, with an FDA decision by February 19, and sees potential for a first half of 2017 approval of an undisclosed generic with branded sales greater than $300M and currently no generic competition. Maris keeps an Outperform rating on Amphastar.
News For AMPH From the Last 2 Days
There are no results for your query AMPH