Pernix Therapeutics (PTX) Target Price Bumped Higher at Needham & Company
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Price: $0.21 --0%
Rating Summary:
4 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 9 | New: 13
Rating Summary:
4 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 9 | New: 13
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Needham & Company analyst Elliot Wilbur reiterated a Buy rating on Pernix Therapeutics (NASDAQ: PTX), bumped estimates and bumped its price target from $5 to $5.50.
Wilbur comments, "PTX is a month into a turnaround led by new CEO and deal czar Doug Drysdale. Following a tumultuous 2013, the base business seems to be largely scrubbed clean, poised for top line growth and positive EBITDA in 2014 and clear of legacy overhangs. Platform appears ripe for a transformative acquisition and we don't believe management feels the need to tiptoe into deals, alluding to $40.0-50.0MM revenue additions for the right asset which could generate incremental EPS of $0.55-0.60. While we believe PTX is essentially a management play at this juncture, downside scenarios appear increasingly limited given stabilization of base, and we see significant upside potential based on future deal activity."
The firm lowered FY 2014 EPS from $0.09 to ($0.09) and FY 2015 EPS from $0.45 to $0.21.
For an analyst ratings summary and ratings history on Pernix Therapeutics click here. For more ratings news on Pernix Therapeutics click here.
Shares of Pernix Therapeutics closed at $3.76 yesterday.
Wilbur comments, "PTX is a month into a turnaround led by new CEO and deal czar Doug Drysdale. Following a tumultuous 2013, the base business seems to be largely scrubbed clean, poised for top line growth and positive EBITDA in 2014 and clear of legacy overhangs. Platform appears ripe for a transformative acquisition and we don't believe management feels the need to tiptoe into deals, alluding to $40.0-50.0MM revenue additions for the right asset which could generate incremental EPS of $0.55-0.60. While we believe PTX is essentially a management play at this juncture, downside scenarios appear increasingly limited given stabilization of base, and we see significant upside potential based on future deal activity."
The firm lowered FY 2014 EPS from $0.09 to ($0.09) and FY 2015 EPS from $0.45 to $0.21.
For an analyst ratings summary and ratings history on Pernix Therapeutics click here. For more ratings news on Pernix Therapeutics click here.
Shares of Pernix Therapeutics closed at $3.76 yesterday.
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