ADMA Biologics (ADMA) PT Raised to $12 at Mizuho

Mizuho analyst Anthony Petrone raised the price target on ADMA Biologics (NASDAQ: ADMA) to $12.00 (from $10.00) while maintaining a Buy rating.

The analyst commented: "The beat/raise trends continued in 1Q, with the top-line +5mn ahead, while adj EBITDA came in at ~$26mn versus our $19mn on share gain, ASCENIV mix, and liter pool expansion benefits. Full-year 2024 guidance was raised to $355mn+ (prior $330mn+), adj EBITDA to $110mn+, and net income of $85mn+ to reflect the steady gains in operating leverage. Targets for 2025E go to $412mn (prior $380mn), supported by additional share gains, greater ASCENIV mix, cost reductions, and strong execution. Our increased outlook supports our PT going to $12, 6.5x EV/Sales (prior $10, 5.5x), while further share gains and ASCENIV mix support our $15 bull case."

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