After Horizon Pharma reported Q1 results that came in well below expectations and cut its guidance due to lower primary care products sales and increased spending to develop teprotumumab, Cowen analyst Ken Cacciatore noted that the Q1 was favorable for the company's orphan assets, which now make up 70% of total revenues. While Cacciatore cut his price target on Horizon Pharma to $20 from $42 and said "the Street understandably doesn't want to hear the positive view" right now, he contends that the orphan assets are now undervalued and the company will manage its specialty products to profitability and potentially sell the franchise, possibly within 12 months. He keeps an Outperform rating on Horizon and would add into the weakness, he tells investors.