Roth Capital Cuts Price Target on Flamel Technologies (FLML) Following Slight 3Q Miss

Roth Capital reiterated a Buy rating on Flamel Technologies (NASDAQ: FLML), and cut the price target to $21.00 (from $30.00), following the company's 3Q earnings report. FLML reported $47.3 million in revenues versus Roth's target of $52.9 million. The revenue shortfall was mostly related to Bloxiverz as Vazculep exceeded targets. Adjusted EPS of $0.28 slightly missed Roth's $0.30 target.

Analyst Scott Henry commented, "Flamel reported 3Q15 results that were largely in-line. Fundamentally, Bloxiverz and Vazculep continue to improve with market share gains as expected (and some noise around pricing). However, going forward, we are making more conservative assumptions for competition, but none of which change our investment outlook. We reiterate our Buy rating with a decreased price target of $21/share (to reflect sector multiple contraction and more conservative EPS targets)."

For an analyst ratings summary and ratings history on Flamel Technologies click here. For more ratings news on Flamel Technologies click here.

Shares of Flamel Technologies closed at $14.19 yesterday.

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