Piper Jaffray Cuts Price Target on Antares Pharma (ATRS) Following 2Q
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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."
Shares of Antares Pharma closed at $1.14 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
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