Eagle Pharmaceuticals (EGRX) PT Trimmed to $92 at Cantor Fitzgerald; Angiomax Announcement Removes Overhang

Cantor Fitzgerald analyst Irina Rivkind Koffler reiterated a Buy rating but trimmed here price target on Eagle Pharmaceuticals (NASDAQ: EGRX) to $92.00 (from $95.00). The change follows news that Angiomax patents held by The Medicines Company were invalidated and Eagle management indicated that it now expects generic entrants in the market in 2015, once its applications are FDA approved (instead of 2019).

"We note that Hospira and Sagent Pharms currently have tentative approvals, and Mylan and Teva could get approved at a later time. Eagle's 505(b)(2) filing is expected to get approved in 2Q:16," Koffler said. "We had originally modeled a more bullish scenario in which there were no generic entrants until 2019."

The firm continues to like EGRX for its long duration Treanda opportunity and innovative business model.

For an analyst ratings summary and ratings history on Eagle Pharmaceuticals click here. For more ratings news on Eagle Pharmaceuticals click here.

Shares of Eagle Pharmaceuticals closed at $78.46 yesterday.

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