Stephens analyst Jacob Johnson raised his price target on Recro Pharma (REPH) to $23 from $17 following the company's Q3 report and FY19 guidance raise. While CDMO business posted results that were well ahead of his expectations, on the Acute Care side the FDA granted the company's appeal for its IV Meloxican drug, which raises the odds of approval in his view, Johnson tells investors. The analyst, who concluded that both sides of the company are positioned well ahead of next week's spin-out of its Acute Care business segment, Baudax Bio (BXRX), keeps an Overweight rating on Recro shares. Post the planned spin, which has a November 15 record date, Johnson said he would value standalone Recro Pharma at $18 per share, as he attributes $5 per share in value to the Acute Care segment, assuming IV Meloxicam approval.