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REPH

Recro Pharma

$5.30

-4.33 (-44.96%)

06:14
03/25/19
03/25
06:14
03/25/19
06:14

Recro CRL disappointing, but don't ignore CDMO business, says Piper Jaffray

Piper Jaffray analyst David Amsellem lowered his price target for Recro Pharma to $9 from $12 after the company received a second Complete Response Letter from the FDA for its intravenous form of meloxicam for post-operative pain. What is clear from the CRL is that the agency has moved the goal posts on Recro, Amsellem tells investors in a research note. Two successful placebo-controlled studies along with a large safety data base, historically the standard by which agents for acute pain are evaluated, "does not pass muster in this case," says the analyst. As such, he would not be surprised to see Recro initiate a dispute resolution process. Though the latest CRL is "undoubtedly disappointing," the company's cash flows from its contract development and manufacturing organization segment are not fully appreciated at current share levels, argues Amsellem. He believes this should "provide a floor in the high-single digits per share at a minimum." The analyst reiterates an Overweight rating on Recro Pharma.

REPH Recro Pharma
$5.30

-4.33 (-44.96%)

05/24/18
PIPR
05/24/18
NO CHANGE
Target $9
PIPR
Overweight
Recro Pharma price target lowered to $9 after 'baffling' CRL at Piper Jaffray
Piper Jaffray analyst David Amsellem lowered his price target on Recro Pharma shares to $9 from $17 after the company received a "cryptic and baffling" complete response letter regarding its NDA for the intravenous form of meloxicam for post-operative pain. Amsellem called the CRL "particularly vexing" given that meloxicam in oral form has been available since 2000 and the IV form was statistically superior to placebo on primary and secondary endpoints in two large Phase 3 studies, making him question if this is "a case of the FDA shifting the goalposts." The analyst, who still believes the product has a commercial future and thinks cash flows from Recro's Gainesville manufacturing facility should provide downside protection, keeps an Overweight rating on the stock, which has plunged over 57% to $5.26.
05/25/18
ROTH
05/25/18
NO CHANGE
Target $8.5
ROTH
Buy
Roth Capital says Recro Pharma manufacturing alone worth more than current price
Roth Capital analyst Scott Henry estimates Recro Pharma's manufacturing business, net of debt, is valued at $8.50 per share, which he noted remains well above the current share price after the stock declined about 55% following the CRL for IV meloxicam. While Henry is not counting on a future for IV meloxicam within his current valuation, he says such a scenario could present material upside. Henry lowered his price target on Recro shares to $8.50 from $18.00 and maintains a Buy rating on the stock, which closed yesterday at $5.63.
01/31/19
JANY
01/31/19
INITIATION
Target $13
JANY
Buy
Recro Pharma assumed with a Buy at Janney Montgomery Scott
Janney Montgomery Scott analyst Esther Hong assumed coverage of Recro Pharma with a Buy rating and $13 fair value estimate.
01/31/19
01/31/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. At Home Group (HOME) initiated with a Hold at Gordon Haskett. 2. Teladoc (TDOC) initiated with a Buy at Berenberg. 3. Intercept (ICPT) initiated with an Outperform at Credit Suisse. 4. Recro Pharma (REPH), BioDelivery Sciences (BDSI), and Supernus (SUPN) were assumed with a Buy at Janney Montgomery Scott. 5. Green Thumb Industries (GTBIF) initiated with a Buy at Benchmark. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

PRNB

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FATE

Fate Therapeutics

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CRVS

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KPTI

Karyopharm

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  • 07

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ABBV

AbbVie

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  • 07

    Dec

SRRA

Sierra Oncology

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  • 07

    Dec

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SGMO

Sangamo

$11.65

0.05 (0.43%)

, PFE

Pfizer

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SGMO

Sangamo

$11.65

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Pfizer

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0.26 (0.68%)

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VSTM

Verastem

$1.31

0.055 (4.38%)

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  • 07

    Dec

RHHBY

Roche

$0.00

(0.00%)

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    Dec

XENE

Xenon Pharmaceuticals

$13.92

0.03 (0.22%)

, BMRN

BioMarin

$79.90

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$13.92

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BMRN

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$79.90

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  • 07

    Dec

CLF

Cleveland-Cliffs

$8.14

0.2 (2.52%)

, AKS

AK Steel

$3.24

0.065 (2.05%)

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$8.14

0.2 (2.52%)

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$3.24

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M

Macy's

$15.15

0.04 (0.26%)

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COF

Capital One

$101.39

1.8 (1.81%)

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  • 26

    Feb

EXPE

Expedia

$107.58

1.9 (1.80%)

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  • 09

    Dec

DAR

Darling Ingredients

$24.05

0.39 (1.65%)

, CODI

Compass Diversified

$23.88

0.45 (1.92%)

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DAR

Darling Ingredients

$24.05

0.39 (1.65%)

CODI

Compass Diversified

$23.88

0.45 (1.92%)

QLYS

Qualys

$85.37

-0.37 (-0.43%)

LECO

Lincoln Electric

$92.52

0.69 (0.75%)

HASI

Hannon Armstrong

$29.50

0.24 (0.82%)

03/08/13
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  • 10

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CBMG

Cellular Biomedicine

$17.56

0.18 (1.04%)

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  • 07

    Dec

AXLA

Axcella

$3.63

-0.83 (-18.61%)

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AZN

AstraZeneca

$47.68

0.06 (0.13%)

08:04
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  • 07

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ABBV

AbbVie

$86.97

0.3 (0.35%)

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ABBV

AbbVie

$86.97

0.3 (0.35%)

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  • 07

    Dec

JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

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XBIT

XBiotech

$11.11

0.1 (0.91%)

, JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

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XBiotech

$11.11

0.1 (0.91%)

JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

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PCG

PG&E

$9.65

-0.13 (-1.33%)

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  • 07

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