Amphastar Pharma (AMPH): Raising PT On Opioid Overdose Growth - Piper Jaffray
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Piper Jaffray analyst, David Amsellem, reiterated his Overweight rating on shares of Amphastar Pharmaceuticals (NASDAQ: AMPH) after doing a deep dive into company’s naloxone products for opioid overdose. The analyst determined that limited competition outside of the hospital setting (particularly regarding non-injectible products), limited competition within the hospital (only two other consequential naloxone market participants), and the reality of the U.S. opioid epidemic points to high visibility into significant growth for AMPH’s naloxone franchise in 2017+.
The analyst increased his price target to $23 (from $22) on an unchanged 20x multiple applied to 2018 EPS of $1.41, up from $1.34.
Shares of Amphastar Pharmaceuticals closed at $18.56 yesterday.
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