Deutsche Bank Starts Sagent Pharmaceuticals (SGNT) at Buy

Deutsche Bank initiated coverage on Sagent Pharmaceuticals (NASDAQ: SGNT) with a Buy rating and a price target of $29. Analyst Gregg Gilbert said he wouldn't be surprised to see management pursue options.

"We have always liked SGNT’s focus on the attractive generic injectables segment but now believe the recent weakness in the shares creates a favorable risk/reward. While the sudden departure of CEO/Founder Jeff Yordon creates uncertainty, we believe the operating team can manage the business, deliver on its targets, and create value over time. In the meantime, during the management transition, we would not be surprised to see the Board pursue options in light of SGNT’s underperformance vs. its peers in recent years, stock ownership concentration, and the scarcity value of injectables assets," said Gilbert.

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

Shares of Sagent Pharmaceuticals closed at $23.41 yesterday.

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