JPMorgan Starts Amphastar Pharmaceuticals (AMPH) at Overweight, 'Pullback Creates an Attractive Entry Point'

JPMorgan analyst Ekaterina Knyazkova initiates coverage on Amphastar Pharmaceuticals (NASDAQ: AMPH) with a Overweight rating and a price target of $60.00.

The analyst comments "We are launching coverage of Amphastar Pharmaceuticals with an Overweight rating and a Dec-2024 price target of $60. We see AMPH well-positioned in the space with a diverse (generic injectable, branded and OTC) and attractive (durable and difficult to develop) collection of assets. We see BAQSIMI, which the company acquired from LLY last year, expanding the company’s presence in the hypoglycemia market and adding an important growth driver to the story. And with the combination of glucagon (which we see as fairly durable), an attractive generic injectible portfolio (where ongoing competitor supply disruptions are creating more stable pricing trends), and a sizeable pipeline (several updates expected in 2024), we see AMPH generating high-single-digit revenue growth/double-digit EPS growth over the next 5 years. With valuation for AMPH looking more compelling following the recent selloff, we see an attractive entry point for shares."

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

Shares of Amphastar Pharmaceuticals closed at $46.68 yesterday.

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