B.Riley/FBR Downgrades Adamis Pharmaceuticals (ADMP) to Neutral

B.Riley/FBR analyst Andrew D\'Silva downgraded Adamis Pharmaceuticals (NASDAQ: ADMP) from Buy to Neutral with a price target of $2.50 (from $7.50).

The analyst comments "We are attempting to balance the scales, accounting for risk/reward, and believe it is prudent to step to the side. The primary reason for our downgrade is related to a slower-than-expected domestic commercial launch of Symjepi, a lackluster performance out of the company's compounding business, and, as we mentioned in our last update note, headwinds related to ADMP's ability to reach consensus estimates, particularly when one considers Teva's approval of its EpiPen generic. ADMP established an agreement with Sandoz for its EpiPen alternative, Symjepi, at the beginning of July, and since commercial launches typically commence within a quarter's time, we believe it is prudent to have modest early expectations from the commercialization partnership."

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

Shares of Adamis Pharmaceuticals closed at $2.78 yesterday.

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