INSYS Therapeutics (INSY) Bullish View Reiterated at Piper Jaffray Following Favorable Buprenorphine Data
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Piper Jaffray analyst David Amsellem reiterated an Overweight rating and $28 price target on INSYS Therapeutics (NASDAQ: INSY) reported positive top-line results from a Phase III trial evaluating its sublingual spray form of buprenorphine for post-operative pain following bunionectomy surgery.
Amsellem commented, "We continue to believe that the product is a promising shot-on-goal not only in acute pain settings (e.g., emergency medicine, post-operative pain) but also in chronic pain (particularly considering that the molecule is uniquely positioned versus other opioids as less abuse-prone schedule III controlled substance). We believe INSY is well-positioned to deliver a long-term EPS CAGR (2017+) of at least in 25%-30%, and this only reflects contribution from Subsys and Syndros (which is set to launch later this year). This translates into an attractive risk/reward profile in the context of a 2017E P/E of 17x."
Shares of INSYS Therapeutics closed at $16.37 yesterday.
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