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Fly News Breaks for February 22, 2019
Feb 22, 2019 | 07:32 EDT
Cantor Fitzgerald analyst Brandon Folkes lowered his price target for Opiant Pharmaceuticals to $38 from $42 after OPNT001 for the treatment of Bulimia Nervosa did not meet its Phase 2 endpoints. Although the analyst views the news as a disappointment, saying it removes a "large potential upside from this high-risk, high-reward program," he continues to believe Opiant "remains significantly undervalued at current levels." Folkes thinks Opiant's Narcan royalty is worth $20-plus per share alone and that investors will begin to appreciate the market potential of the company's pipeline as it advances. He reiterates an Overweight rating on the shares.
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