Amphastar Pharma(AMPH): Outlook Hinges on Primatene and a Key ANDA Approval - Jefferies
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Jefferies analyst, David Steinberg, reiterated his Buy rating on shares of Amphastar Pharmaceuticals (NASDAQ: AMPH) and raised the price target to $21 after revs of $64M were $5M ahead of expectations and better than expected gross margin drove Q3 EPS out performance ($0.14 vs -$0.20 JEF).
Q3 revs benefited from higher than projected nonrecurring insulin API sales to MNKD and the analyst expects the approvals of Primatene and an undisclosed ANDA product as key to AMPH’s FY17 outlook.
The PT increased to $21 from $19 on 2.7x EV/S applied to FY17 revenue of $340M.
Shares of Amphastar Pharmaceuticals closed at $17.63 yesterday.
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