Guggenheim Assumes AMAG Pharmaceuticals (AMAG) at Buy; Makena Ascribed Very Little Value
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Guggenheim assumes coverage on AMAG Pharmaceuticals (NASDAQ: AMAG) with a Buy rating and a price target of $42.00, saying the market is ascribing very little value to Makena.
Analyst Brandon Folkes commented, "At current levels, we believe the market ascribes very little value to Makena (for pre-term birth) post '18. We believe the current share price creates a compelling risk/reward profile, with the potential for significant upside once the Makena generic overhang is removed, and business development further diversifies the company's revenue streams. We model generic erosion on Makena from '18 given the large Medicaid market; however, we believe the Makena franchise will continue to generate meaningful revenues for the company post '18, driven by the Sub-Q."
Shares of AMAG Pharmaceuticals closed at $25.20 yesterday.
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