Rodman & Renshaw Starts Imprimis Pharmaceuticals (IMMY) at Buy
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Rodman & Renshaw initiated coverage on Imprimis Pharmaceuticals (NASDAQ: IMMY) with a Buy rating and a price target of $5.
Analyst Raghuram Selvaraju said, "In our view, Imprimis is intriguing for two reasons: (1) its risk-mitigated approach to product development, based on optimizing formulations of existing approved drug substances as well as developing combination products that meld multiple known active pharmaceutical ingredients (APIs); and (2) its potential to deliver lowercost versions of existing approved therapies. In the United States, sales of ophthalmic drugs could reach over $8B annually within the next 4-5 years. We believe that Imprimis, with its DropLess® and LessDrops® formulations, could gain a substantial foothold in this market. We note that Imprimis has access to a wide array of patent-protected compounding innovations through a network of compounding experts, and has launched products in the urology, otolaryngology and infectious disease arenas."
Shares of Imprimis Pharmaceuticals closed at $2.61 yesterday.
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