Needham & Company Remains Bullish on Corium Internation (CORI) After Meeting with Management

Needham & Company reiterated a Buy rating and $15.00 price target on Corium International (NASDAQ: CORI) following a sit-down with management. The conversations mostly involved discussions of recent workforce reductions and upcoming catalysts.

Analyst Serge Belanger commented, "We recently sat down with CORI management to discuss the recent workforce reduction and upcoming catalysts expected in 2H16. It's clear that the recent FDA feedback providing clarity and confirming an abbreviated development pathway for the Corplex donepezil transdermal patch was a game-changer for the company. The workforce reduction, which will provide only an incremental extension of the current cash runway, was specifically geared to prioritizing the company's resources towards the development of the two Corplex patches (donepezil and memantine). While CORI has clarity around the development pathway for the donepezil patch, which will begin a pilot bioequivalence study in 4Q16, it is seeking similar feedback from the FDA for its memantine patch. Beyond the two proprietary Corplex patches, the key catalyst expected in 3Q16 is ph 3 results from Agile Therapeutics' hormonal contraceptive patch Twirla, which CORI manufactures. The pending TEVA/Allergan transaction close is also expected to provide clarity around the revenue stream associated with the partnered clonidine patch. We view 2H16 catalysts meaningful to both CORI's proprietary patches as well as two key partnerships. We maintain our Buy rating and $15PT."

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

Shares of Corium International closed at $3.77 yesterday.

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