Baudax Bio Inc. (BXRX) PT Lowered to $2 at Oppenheimer

Oppenheimer analyst Leland Gershell lowered the price target on Baudax Bio Inc. (NASDAQ: BXRX) to $2.00 (from $3.00) while maintaining an Outperform rating.

The analyst commented, "Reported 1Q21 net sales of just $0.2M as COVID-19 continues to drag on Anjeso's launch, with P&T committee meeting schedules as well as elective/non-urgent surgeries undoubtedly impacted by spiking infection rates in the quarter. Nonetheless, Anjeso is now on formulary at ~90 accounts, vial growth was ~40% Q/Q with doubling of sales to existing hospital and ASC accounts, and the 1Q reorder rate was 59% with nearly 70% of customers having reordered 3+ units since launch. BXRX to modestly expand sales territories with the aim of accelerating formulary wins and product uptake, and we are optimistic for sequential quarterly sales growth through the remainder of 2021 with the easing of social restrictions."

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