BMO Capital analyst Gary Nachman thought it was a long shot and was not expecting Horizon Pharma's Vimovo and Duexis to be removed from Express Scripts' exclusion list, although there had been an expectation that the company was having discussions with the PBM. Nachman notes Horizon's Pennsaid was not added to the Express Scripts' 2017 exclusion list, which was an uncertainty for investors. The analyst recommends owning Horizon as it transitions to more of an orphan drug story, while it continues to generate very strong cash flow in its primary care business and has low leverage on the balance sheet. Nachman rates Horizon an Outperform with a $29 price target on shares.