Oppenheimer Remains Sidelined Following Endo Int'l's (ENDP) New CEO Appointment
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Oppenheimer reiterated a Perform rating on Endo International plc (NASDAQ: ENDP), following the company's announced appointment of Paul Campanelli to president and chief executive officer. Mr. Campanelli joined ENDP in 2015 through the acquisition of Par Pharmaceuticals and most recently served as the CEO of Par. Mr. Campanelli's appointment is effective immediately.
Analyst Marcus Ho commented, "Shares of Endo were up ~15% (vs. S&P 500 ~flattish) after the company announced the appointment of Paul V. Campanelli to president and chief executive officer, replacing former CEO Rajiv De Silva. We were not entirely surprised by the move as Endo has been especially hit hard by both the recent negative commentary surrounding opioids and the erosion in the generics pricing environment. We note shares of Endo have declined ~-18% since the end of 2Q16. Management reaffirmed 3Q and full-year 2016 guidance and is now directionally focused more on operational execution vs. business development, with an emphasis on pipeline and paragraph IV opportunities on the generics side and product development (e.g., Xiaflex) on the branded side. We maintain our Perform rating."
Shares of Endo International plc closed at $23.39 yesterday.
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