Needham & Company Starts AMAG Pharmaceuticals (AMAG) at Buy
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Needham & Company initiates coverage on AMAG Pharmaceuticals (NASDAQ: AMAG) with a Buy rating and a price target of $40.00.
Analyst Serge Belanger commented, "We are initiating coverage of AMAG Pharmaceuticals (AMAG), a growth-oriented specialty biopharma, with a Buy and $40PT. A one-product company until 2014, AMAG has transformed itself via acquisitions into a profitable cash-flow generating co. with three growth products across two therapeutic platforms (maternal health and hematology/oncology). AMAG's three products (Makena, Feraheme and CBR) are primed for continued expansion, fueled by favorable market dynamics and strong commercial execution capabilities. We expect the generic risk around Makena will be mitigated by the ongoing life-cycle management program. Beyond organic growth, AMAG's strong cash flows and debt capacity should drive business development activity that can generate additional revenue growth and further diversify the product offerings."
Shares of AMAG Pharmaceuticals closed at $26.35 yesterday.
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