Brean Capital Remains Bullish on Horizon Pharma (HZNP) Following 2Q Beat
Brean Capital reiterated a Buy rating and $40 price target on Horizon Pharma (NASDAQ: HZNP) following the release of its 2Q15 earnings results. revenue was $172.8 million beating consensus estimates of $156.4. Non-GAAP EPS was $0.39 beating consensus' $0.32.
Analyst Difei Yang commented, "Given the pre-announcement of Q2 earnings on July 20, there was little surprise regarding another strong quarter. We are far less optimistic about the prospect of the Depomed deal closing based on our research. However, the closing price on 8/7/2015 was lower than the closing price on July 6, 2015, the day before Depomed offer was made public, which we believe was not rational. To reiterate, our TP is dependent on Horizon's current product portfolio alone and we would be buyers on any weakness."
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Shares of Horizon Pharma closed at $33.08 yesterday.