Piper Jaffray analyst David Amsellem reiterates an Overweight rating on Horizon Pharma with a $33 price target after hosting investor meetings with management. The analyst gained additional insights into the drivers of Krystexxa volume growth, as well as further insights into additional data points later this year and beyond for teprotumumab in thyroid eye disease. He sees "strong visibility" into a longer-term annual EBITDA growth "that could easily approach" 20%, driven primarily by continued growth in Krystexxa adoption and growing contribution from teprotumumab. Further multiple expansion for Horizon Pharma is a "reasonable expectation," Amsellem tells investors in a research note. The company remains one of the analyst's highest conviction ideas.