Jefferies Raises Price Target on Sucampo Pharma (SCMP) Following 3Q Report
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Jefferies reiterated a Hold rating on Sucampo Pharmaceuticals (NASDAQ: SCMP), and raised the price target to $16.00 (from $14.00), following the company's 3Q earnings report. SCMP reported 3Q EPS of $0.28, compared to Jefferies' $0.25 estimate. Revenues of $58M, +$7M ahead of estimates. Based on the Q3 performance and expectations of another $10M sales milestone from MYL, SCMP increased its FY16 revenue range by $20-25M and EPS by $0.18-0.23.
Analyst David Steinberg commented, "SCMP reported Q3 EPS of $0.28 (vs $0.25 JEF) on revs of $58M (+$7M vs JEF). The stronger topline was due to higher sales of Amitiza ($17M, +$3M vs JEF) in Japan by partner MYL. Of importance, SCMP has further removed risk to Amitiza by settling patent litigation with challenger RDY. We remain constructive on mgt’s ability to deliver value creating M&A – which remains critical to the LT outlook given the finite life of Amitiza and little in the pipeline."
Shares of Sucampo Pharmaceuticals closed at $15.10 yesterday.
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