Leerink Partners Remains bullish on Flamel Technologies (FLML) Following a Competitor Update

Leerink Partners reiterated an Outperform rating and $16.00 price target on Flamel Technologies (NASDAQ: FLML) following a competitor update. Yesterday, AKRX (MP) announced that it has a PDUFA for injectable ephedrine sulfate "sometime in 2016" while FLML's Éclat #3 also has a PDUFA in 2016.

Analyst Jason Gerberry commented, "Following a competitor update yesterday, it appears highly unlikely FLML's Eclat #3 will enjoy sole market exclusivity and/or 5-year regulatory exclusivity, but the opportunity still remains attractive into 4/30 PDUFA. Yesterday, AKRX (MP) announced that it has a PDUFA for injectable ephedrine sulfate "sometime in 2016" while FLML's Éclat #3 (believed to injectable ephedrine sulfate) also has a PDUFA in 2016 (4/30). The practical implication of the AKRX filing is that eliminates the uber-bull case, e.g., that FLML might gain 5-year NCE exclusivity as the sole approved version of ephedrine. The AKRX update doesn't come as a major surprise, as AKRX currently has ~97% of the ephedrine market selling its unauthorized "grandfathered" product. For FLML, the update solidifies our base case assumption that the ephedrine market will be a duopoly for a couple of years with $100m in peak (base case) FLML sales. We remain OP with a $16 price target."

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 $11.19 yesterday.

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