Despite Bunavail Stuggles, BioDelivery Sciences (BDSI) Should Sell Asset to Strategic Buyer - Piper Jaffray
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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.
Shares of BioDelivery Sciences International closed at $2.50 yesterday.
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