Mizuho Securities Downgrades Assertio Therapeutics (ASRT) to Neutral
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Mizuho Securities analyst Irina Koffler downgraded Assertio Therapeutics (NASDAQ: ASRT) from Buy to Neutral with a price target of $7.00 (from $9.00).
The analyst comments "While the amended Nucynta royalty agreement with Collegium removes an overhang on the stock, we see limited one-year upside to ASRT and fall below 2019 consensus revenue estimates ahead of the Synacthen Depot launch. We lowered EBITDA estimates by an average of 15% from 2018-2026 due to lower Nucynta royalties and a more conservative outlook on Assertio's neurology portfolio. That said, we continue to believe in the commercial opportunity for Synacthen Depot, though we model it as a small, slow-ramping product launching in 2020."
Shares of Assertio Therapeutics closed at $5.21 yesterday.
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