UPDATE: Brean Capital Assumes Recro Pharma (REPH) at Buy
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(Updated - October 3, 2016 10:02 AM EDT)
Brean Capital assumed coverage on Recro Pharma (NASDAQ: REPH) with a Buy rating and a price target of $21.00.
Analyst Difei Yang said, "Their lead product candidate, IV meloxicam, is a cyclo-oxygenase 2 (COX-2) inhibitor in Phase III trials for post-op acute pain management for which Recro acquired exclusive worldwide rights to from Alkermes. Recently, the company announced positive Phase III results from IV meloxicam in bunionectomy, and we look to the Phase III readout of IV meloxicam in abdominoplasty, expected before year end 2016, as the next catalyst. If this timing holds up, we expect to see an NDA submission by mid-summer 2017, followed by potential FDA approval in mid-summer 2018. Management has guided 2016 full year revenues in the $55 mil to $60 mil range, and in terms of the Gainesville transaction, they still owe $27.3 mil of their $50 mil five-year senior secured loan with OrbiMed as of August 8, 2016, as well as up to $120 mil in milestone, net sales, and royalty payments. The company raised $13.4 mil (net) in an equity offering in August, 2016 on ~2 mil shares priced at $7.50 per share."
Shares of Recro Pharma closed at $8.84 yesterday.
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