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OPNT

Opiant Pharmaceuticals

$23.85

8.24 (52.79%)

, EBS

Emergent BioSolutions

$60.53

-1.03 (-1.67%)

10:36
08/29/18
08/29
10:36
08/29/18
10:36

Opiant jumps as analyst sees value after opioid overdose spray maker bought

Shares of Opiant Pharmaceuticals (OPNT) are on the rise after Emergent BioSolutions' (EBS) announced the acquisition of Adpat Pharma. Commenting on the deal, Cantor Fitzgerald analyst Brandon Folkes told investors he believes the acquisition underscores the potential for companies addressing the opioid overdose market, and that Opiant presents an attractive risk/reward, even if it captures only a portion of the growing market. EMERGENT ACQUIRES ADAPT PHARMA, NARCAN NASAL SPRAY: Emergent BioSolutions has announced that it has entered into an agreement to acquire Adapt Pharma and its flagship product Narcan Nasal Spray, the first and only needle-free formulation of naloxone approved by the Food and Drug Administration and Health Canada for the emergency treatment of known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression. Total consideration for the transaction is up to $735M consisting of an upfront payment of $635M and up to $100M in cash for potential sales-based milestones through 2022. Upon the closing of the transaction, Emergent will acquire the Narcan Nasal Spray product and a development pipeline of new treatment and delivery options to address opioid overdose, and bring on approximately 50 employees, located in the U.S., Canada, and Ireland. Adapt Pharma is also developing new treatment and delivery options to address opioid overdoses. From a financial perspective, the company expects the incremental revenue contribution in 2019 from the acquisition to be between $200M-$220M. The company also anticipates that the transaction will be accretive to adjusted net income and EBITDA in 2019. VALUE IN OPIANT AFTER ADAPT DEAL: In a research note to investors, Cantor Fitzgerald's Folkes argued that Emergent BioSolutions' acquisition of Adapt Pharma underscores the value of the opioid overdose market. At a market cap of about $44M, the analyst pointed out he believes Opiant presents an attractive risk/reward, even if it captures only a portion of the growing market. Opiant is expected to generate about $30M-38M in cash from Narcan royalties and the milestone payment in 2019, to fund the development of its own opioid overdose nasal spray, OPNT003, and the other programs in the company's pipeline, he noted. Overall, Folkes said he expects investors to begin to appreciate the market potential of Opiant's pipeline, which should drive the stock higher. The analyst reiterated an Overweight rating and $32 price target on Opiant's shares. PRICE ACTION: In morning trading, Opiant's stock has jumped over 54% to $24 per share.

OPNT

Opiant Pharmaceuticals

$23.85

8.24 (52.79%)

EBS

Emergent BioSolutions

$60.53

-1.03 (-1.67%)

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    Aug

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    Oct

OPNT Opiant Pharmaceuticals
$23.85

8.24 (52.79%)

06/11/18
CANT
06/11/18
INITIATION
Target $32
CANT
Overweight
Opiant Pharmaceuticals initiated with an Overweight at Cantor Fitzgerald
Cantor initiated Opiant Pharmaceuticals with an Overweight and $32 price target.
06/12/18
CANT
06/12/18
INITIATION
CANT
Cantor expands Specialty Pharmaceuticals coverage with eight names
Cantor Fitzgerald analyst Brandon Folkes last night rolled out coverage on eight names in the Specialty Pharmaceuticals space. He initiated coverage of AcelRx (ACRX), ANI Pharmaceuticals (ANIP), Biohaven Pharmaceutical (BHVN), Collegium Pharmaceutical (COLL), Emergent BioSolutions (EBS), Eagle Pharmaceuticals (EGRX) and Opiant Pharmaceuticals (OPNT) with Overweight ratings. There is still value to be unlocked in these stocks at current valuations with risk/reward profiles that remain to the upside, Folkes told investors in a research note. His top picks are ANI Pharmaceuticals, Emergent BioSolutions and Collegium Pharmaceutical. The analyst rounded out his coverage with a Neutral rating on Momenta (MNTA), saying the recent share rally puts him on the sidelines "for now."
08/10/18
CANT
08/10/18
NO CHANGE
Target $32
CANT
Overweight
Cantor reiterates Overweight on Opiant ahead of pipeline readouts
Cantor Fitzgerald analyst Brandon Folkes reiterates an Overweight rating on Opiant Pharmaceuticals with a $32 price target following the company's Q2 results. The analyst expect investors to begin to appreciate the market potential of Opiant's pipeline, "which should drive the stock higher." The company is developing treatments focused on multiple addictions as well a new product for opioid overdose, Folkes tells investors in a research note titled "Pipeline Readouts in '18 and '19 Make Us Even More Positive on OPNT Stock."
08/29/18
CANT
08/29/18
NO CHANGE
Target $32
CANT
Overweight
Cantor sees value in Opiant after Emergent acquires Adapt Pharma
Cantor Fitzgerald analyst Brandon Folkes believes Emergent BioSolutions' (EBS) acquisition of Adapt Pharma underscores the potential for companies addressing the opioid overdose market. Opiant Pharmaceuticals (OPNT) is developing its own opioid overdose nasal spray, OPNT003, which could be of benefit in cases of synthetic opioid overdoses, such as with fentanyl, Folkes tells investors in a research note. He believes Opiant presents an attractive risk/reward at current share levels, "even if it captures only a portion of the growing market opioid overdose market." Folkes keeps an Overweight rating on the shares with a $32 price target.
EBS Emergent BioSolutions
$60.53

-1.03 (-1.67%)

08/10/18
WELS
08/10/18
NO CHANGE
Target $61
WELS
Market Perform
Emergent BioSolutions acquisition of PaxVax an 'excellent fit,' says Wells Fargo
After Emergent BioSolutions agreed to acquire PaxVax for $270M, Wells Fargo analyst David Maris said the transaction "sounds as though it is an excellent fit" and he is adding $70M in revenues for 2019 and assuming growth of 10% per year, though he thinks that could be conservative given the possible sales synergies. He also raised his price target on Emergent BioSolutions shares to $61 from $56, though he keeps a Market Perform rating on the shares.
08/29/18
CANT
08/29/18
NO CHANGE
Target $62
CANT
Overweight
Emergent acquisition should bridge guidance gap, says Cantor Fitzgerald
Cantor Fitzgerald analyst Brandon Folkes believes Emergent BioSolutions' acquisition of Adapt Pharma and its opioid overdose product, Narcan nasal spray, should help "bridge the Street's gap" from the current 2020 consensus revenue estimate of $830M to the company's guidance of $1B. The analyst keeps an Overweight rating on Emergent with a $62 price target.
08/29/18
WELS
08/29/18
NO CHANGE
Target $65
WELS
Market Perform
Emergent deal for Adapt Pharma a 'bold' move with some risks, says Wells Fargo
Wells Fargo analyst David Maris said Emergent BioSolutions' agreement to acquire Adapt Pharma, the maker of Narcan nasal spray to treat opioid overdose, for about $735M is a "bold" move that some investors will like given the accretion and sales growth. However, some may see this as moving too far afield from its core business in biodefense and the deal may introduce overhang concerns about the duration of Narcan, added Maris. He raised his price target on Emergent shares to $65 from $61 and keeps a Market Perform rating on the stock.

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