UPDATE: H.C. Wainwright Starts Amryt (AMYT) at Buy
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H.C. Wainwright initiates coverage on Amryt (NASDAQ: AMYT) with a Buy rating and a price target of $29.00.
The analyst comments "Amryt is a global commercial-stage biopharmaceutical company based in Ireland specializing in the acquisition, development, and commercialization of rare disease therapies. Company founders Dr. Joe Wiley (CEO) and Rory Nealon (CFO/COO) have leveraged their business development backgrounds to assemble Amryt’s portfolio through the acquisition of assets from which they can drive better performance. Amryt has demonstrated the ability to extract additional value from acquired assets by pushing growth across global markets and, since its 2019 purchase of Aegerion, Amryt has driven double-digit growth from both Myalept (metreleptin) and Juxtapid (lomitapide). The company looks to replicate that success with its proposed acquisition of Chiasma (projected to close on August 5, which at this point we're highly confident regarding deal completion given completeness of Chiasma's process) where management hopes to jump start the commercialization of Mycapssa, which we expect to become the centerpiece of their portfolio. We initiate with a Buy rating and a $29 price target."
Shares of Amryt closed at $10.98 yesterday.
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