Canaccord Genuity Maintains a 'Buy' on Hi Tech Pharmacal (HITK); Positive After Meeting with Mgmt
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Price: $43.49 --0%
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on Hi Tech Pharmacal (NASDAQ: HITK) price target of $45.00.
Analyst, Randall Stanicky, said, "We held meetings with Chairman and CEO David Seltzer and CFO Bill Peters from Hi-Tech. While the stock has recovered nicely off of what we viewed as an oversold situation on competition to key product fluticasone, today shed light on two areas we think are key to the next leg up. First, we have confidence in the pipeline – while we’re not expecting any stock-moving approvals near term, we do think there are sizable opportunities (beyond ASACOL) in the pipeline. Second, we believe Hi-Tech is likely to enter a “next phase” in business development where a step up in deal size and activity can move the needle in a bigger way than we’ve seen. Overall, while there may be near-term volatility from a well-understood soft cough and cold season and new fluticasone competitor, we like the high barrier base and potential for deal-driven upside."
For an analyst ratings summary and ratings history on Hi Tech Pharmacal click here. For more ratings news on Hi Tech Pharmacal click here.
Shares of Hi Tech Pharmacal closed at $38.98 yesterday.
Analyst, Randall Stanicky, said, "We held meetings with Chairman and CEO David Seltzer and CFO Bill Peters from Hi-Tech. While the stock has recovered nicely off of what we viewed as an oversold situation on competition to key product fluticasone, today shed light on two areas we think are key to the next leg up. First, we have confidence in the pipeline – while we’re not expecting any stock-moving approvals near term, we do think there are sizable opportunities (beyond ASACOL) in the pipeline. Second, we believe Hi-Tech is likely to enter a “next phase” in business development where a step up in deal size and activity can move the needle in a bigger way than we’ve seen. Overall, while there may be near-term volatility from a well-understood soft cough and cold season and new fluticasone competitor, we like the high barrier base and potential for deal-driven upside."
For an analyst ratings summary and ratings history on Hi Tech Pharmacal click here. For more ratings news on Hi Tech Pharmacal click here.
Shares of Hi Tech Pharmacal closed at $38.98 yesterday.
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