Amphastar Pharma (AMPH): Raising PT to $22 On A $0.22 Beat - Piper Jaffray
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Piper Jaffray analyst, David Amsellem, reiterated his Overweight rating on shares of Amphastar Pharmaceuticals (NASDAQ: AMPH) after the company reported 2Q16 diluted EPS of $0.23 on revenues of $68M, compared to Street estimates of $0.01 and $62M, respectively. Though enoxaparin continued to face pricing pressure, the rest of the base generic injectibles business benefitted from favorable competitive dynamics on select products, and meaningful volume growth for the naloxone generic.
On the surface AMPH may seem pricey at a 2017 P/E of 23x but there still is potential for significant further value creation as the pipeline bears fruit, driving what should be transformative cash generation over the next several years.
No change to the price target of $22.
Shares of Amphastar Pharmaceuticals closed at $16.02 yesterday.
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