Needham & Company Maintains a 'Buy' on Pernix Therapeutics (PTX); Don't Call It A Comeback

Needham & Company maintains a 'Buy' on Pernix Therapeutics (NYSE: PTX) price target of $14.00.

Analyst, Elliot Wilbur, said, "PTX managed to keep the ball between the hash marks with its 2Q12 results, largely delivering on key financial metrics in what can be described as a transition quarter. Key franchise asset, Cedax, remains at the top of its game with total Rxs up nearly 50% y/y while Natroba is showing early signs of returning to the strong performance of last year’s launch season. PTX’s expansion in its second specialty vertical, gastroenterology, is in full swing with the launch of Omeclamox though it’s too early to draw meaningful conclusions. Following expectations setback on Natroba, PTX shares have been in “show me” mode. The strong launch and uptake of Omeclamox and potential for a reinvigorated Natroba remain keys to short-term performance. Historically, management has impressed with product selection, launch execution and the build out of its generics platform. While management may need to “call a few audibles” in terms of adjusting its game plan to meet performance objectives, we believe PTX has enough opportunities in the bag or on the horizon to meet our out-year estimates."

For an analyst ratings summary and ratings history on Pernix Therapeutics click here. For more ratings news on Pernix Therapeutics click here.

Shares of Pernix Therapeutics closed at $6.44 yesterday.

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