Piper Jaffray Cuts Price Target on Antares Pharma (ATRS) Following 2Q

August 11, 2016 8:08 AM EDT
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Price: $1.70 +2.41%

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Piper Jaffray maintained an Overweight rating on Antares Pharma (NASDAQ: ATRS), and cut the price target to $2.00 (from $3.00), following the company's 2Q earnings report. ATRS reported EPS of ($0.04), in-line with the Street's estimate. Revenues of $12.2M came in ahead of the Street estimates of $10.8M.

Analyst David Amsellem commented, "Antares reported 2Q16 EPS of ($0.04) on revenue of $12.2M, compared to Street estimates of ($0.04) and $10.8M, respectively. Sales of Otrexup, the company's subcutaneous (SC) self-injectable form of methotrexate (MTX) for rheumatoid arthritis (RA), were up 14% vs. 2Q15 and up 15% sequentially vs. 1Q16. ATRS also announced the completion of patient enrollment for its Quickshot Testosterone (QS-T) safety study and is expecting to submit its NDA in 4Q16. We continue to believe there is room for value creation given that ATRS has two later-stage pipeline shots-on-goal (QS-T and a generic form of Mylan's EpiPen) that could bear fruit over the long-term. We reiterate our Overweight rating and are lowering our PT to $2 from $3, owing to estimate revisions."

For an analyst ratings summary and ratings history on Antares Pharma click here. For more ratings news on Antares Pharma click here.

Shares of Antares Pharma closed at $1.14 yesterday.

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