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Fly News Breaks for October 31, 2018
EGRX
Oct 31, 2018 | 06:03 EDT
Piper Jaffray analyst David Amsellem downgraded Eagle Pharmaceuticals to Neutral and lowered his price target for the shares to $54 from $82 after the company announced that its formulation of fulvestrant did not meet its bioequivalence endpoints in a study versus predecessor product Faslodex. While Eagle has a durable stream of cash flows associated with its bendamustine products, visibility into "significant value recovery anytime soon is murky" given the setbacks associated with its pipeline, Amsellem tells investors in a research note.
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