Needham & Company Maintains a 'Buy' on Sagent Pharmaceuticals (SGNT); Getting Some Mojo Back

Needham & Company maintains a 'Buy' on Sagent Pharmaceuticals (NASDAQ: SGNT) price target of $20.00.

Analyst, Elliot Wilbur, said, "SGNT has been on a quite roll in the past few weeks, racking up a total of five new approvals that should bring its total 2012 launch schedule up to 16 vs. guidance of a total of 18. Admittedly, the approvals−for generic versions of caffeine citrate, flumazenil (Romazicon), vancomycin 5mg, nafcillin−are singles, maybe even infield singles at best, $2.0-$3.0MM type products. However within the past hour, FDA has also posted an approval notice for SGNT’s generic version of the chemoprotectant agent leucovorin calcium. Leucovorin has been a chronic shortage drug since at least 2009 and the shortage issue has intensified since Bedford ceased manufacturing in late 2011. Teva (Nasdaq: TEVA) has been temporarily importing calcium folinate to be substituted for leucovorin and APP, while supplying the market currently, has done so on a rather limited basis. The biggest winner from the Leucovorin shortage has been Spectrum Pharma’s (Nasdaq: SPPI)(not rated) Fusilev or levoleucovorin which has captured some 45% of the market at substantially higher branded pricing levels.'

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

Shares of Sagent Pharmaceuticals closed at $16.61 yesterday.

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