Despite Bunavail Stuggles, BioDelivery Sciences (BDSI) Should Sell Asset to Strategic Buyer - Piper Jaffray

August 10, 2016 11:15 AM EDT
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Price: $1.90 +2.70%

Rating Summary:
    7 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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Piper Jaffray analyst David Amsellem noted BioDelivery Sciences International (NASDAQ: BDSI) Bunavail is still struggling but said the company should explore a sale of the asset to a strategic buyer.

Amsellem commented, "BioDelivery Sciences reported 2Q16 net loss per share of ($0.31) on revenues of $5.0M, inclusive of a $2.5M upfront payment from Collegium related to the out-licensing of Onsolis this past May. Bunavail continues to struggle, with sales growing by less than 1% over 1Q16. Management remains focused on reaching profitability by the end of 2017, but in our view, that is far less important than putting the product on a path to sustainable volume growth. We continue to believe that given what in our view are meaningful advantages for Bunavail versus other forms of buprenorphine/naloxone (i.e., bioavailability/dosing), BDSI should explore the sale of the asset to a strategic buyer with an established track record of commercial success."

The firm reiterated an Overweight rating and price target of $4.00 on BDSI.

For an analyst ratings summary and ratings history on BioDelivery Sciences International click here. For more ratings news on BioDelivery Sciences International click here.

Shares of BioDelivery Sciences International closed at $2.50 yesterday.

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