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EBS

Emergent BioSolutions

$42.34

2.43 (6.09%)

13:45
06/03/19
06/03
13:45
06/03/19
13:45

Size, timeline of Emergent new contract 'a clear positive,' says Wells Fargo

Wells Fargo analyst David Maris notes that Emergent BioSolutions announced that it was awarded a 10-year contract award by the Office of the Assistant Secretary for Preparedness and Response in the U.S. Department of Health and Human Services valued at approximately $535M. The company stated that the U.S. government has never awarded a 10-year contract for Vaccinia Immune Globulin Intravenous, and the last VIGIV contract was a 1-year $26M contract that was signed in February 2018, he points out, adding the contract prior to that was a 3-year $92M contract. The analyst views the size and timeline of the newly announced VIGIV contract as a clear positive. Further, Maris continues to think the ACAM2000 follow on contracts is a "when" not an "if" and expects the shares to trade higher when this contract negotiation is completed. He reiterates a Market Perform rating and a $61 price target on the stock.

EBS Emergent BioSolutions
$42.34

2.43 (6.09%)

03/13/19
WELS
03/13/19
NO CHANGE
Target $68
WELS
Market Perform
Wells says generic risk, not Purdue news, bringing down Emergent shares
Wells Fargo analyst David Maris "completely" disagrees with the view that shares of Emergent BioSolutions (EBS) are weak today on news of Purdue Pharma's nalmefene injection receiving fast track designation from the FDA. Maris notes that none of his clients have raised this as a potential issue and that, as an injection, Purdue's pproduct is not comparable to Emergent's nasal naloxone. An injection is not practical for the emergency medical technician and at home market, where most of Narcan is used, Maris tells investors in a research note. For example, Amphastar (AMPH) is a leader in the injectable market, and the vast majority of its use is in the hospital setting, the analyst points out. Rather, Maris attributes the recent selloff in Emergent BioSolutions to worries about the potential introduction of a generic version of Narcan. Teva (TEVA) has had a tentative approval for generic Narcan for some time, and its 30 month stay is over today, meaning that Teva could launch at risk from this point forward, Maris writes. As of now, there is no clear indication whether Teva will launch or not, he adds. While the analyst is not expecting an at-risk Narcan launch, he believes the risk of such an event is largely reflected in the shares given today's decline. Nonetheless, Maris keeps a Market Perform rating on Emergent with a $68 price target. The stock in afternoon trading is down 9%, or $4.98, to $52.00.
04/02/19
WELS
04/02/19
NO CHANGE
Target $68
WELS
Market Perform
BARDA passing on Pfenex good news for Emergent, says Wells Fargo
The decision by the Department of Health and Human Services' Biomedical Advanced Research and Development Authority not to exercise development options on Pfenex's (PFNX) anthrax program is good news for Emergent BioSolutions (EBS), Wells Fargo analyst David Maris tells investors in a research note. Emergent currently sells BioThrax, a vaccine indicated for the active immunization for the prevention of disease caused by anthrax, Maris points out. In addition, NuThrax is the company's most important pipeline product as it represents an improvement on BioThrax, says the analyst. He sees the move by BARDA on the Pfenex program as underscoring its belief in the BioThrax and NuThrax programs. Maris keeps a Market Perform rating on Emergent BioSolutions with a $68 price target. The stock in early trading is up 58c to $50.81.
04/22/19
CANT
04/22/19
NO CHANGE
Target $75
CANT
Overweight
Emergent shares largely pricing in Teva approval, says Cantor Fitzgerald
The FDA on Friday granted Teva Pharmaceutical (TEVA) final approval for its generic version of Narcan, Cantor Fitzgerald analyst Brandon Folkes tells investors in a research note. The analyst views the announcement as largely anticipated following the expiration of Teva's 30- month stay last month. Shares of Emergent BioSolutions (EBS) are down 18.7% since reporting Q4 earnings, largely driven by the anticipation of a final approval of Teva's generic naloxone, says Folkes. While Friday's approval is a negative and will continue to create an overhang on Emergent shares, the recent weakness has "adequately accounted for this overhang," he contends. As such, Folkes keeps an Overweight rating on Emergent BioSolutions with a $75 price target.
05/09/19
WELS
05/09/19
NO CHANGE
Target $61
WELS
Market Perform
Emergent BioSolutions price target lowered to $61 from $68 at Wells Fargo
Wells Fargo analyst David Maris lowered his price target on Emergent BioSolutions to $61 and kept his Market Perform rating after its miss on Q1 revenue and earnings last week. The analyst also lowers his FY19 and FY20 EPS outlook by 7c and 41c to $3.01 and $3.27 respectively, reflecting the delays in its negotiations for a follow-on contact for its AMAC2000 Smallpox Vaccine and the management's expectations for its FY19 earnings to be "even more heavily back half weighted."

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