Piper Jaffray analyst David Amsellem reiterated an Overweight rating and lifted his price target on Eagle Pharmaceuticals (NASDAQ: EGRX) to $120.00 (from $119.00) following the company's Q2 update.

commented, "This morning, Eagle reported net results per share of ($0.53) on revenues of $6M. Management provided additional color on its latest thinking regarding the role of both of its bendamustine products (i.e., EP-3101, EP-3102), essentially saying that both will be commercialized. We continue to believe that EGRX is well-positioned for compelling and sustainable cash generation driven in large part by its enhanced forms of bendamustine (aka Treanda), particularly given our view that it is looking increasingly unlikely that we will see generic competition for the brand for the foreseeable future (refer to our note on 7/28/15 for more details). We reiterate our Overweight rating and are raising our PT to $120 from $119 on EGRX (see below for more details)."

The firm raised FY 2015 EPS from $1.00 to $1.42 and FY 2016 EPS from $7.09 to $8.35.

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Shares of Eagle Pharmaceuticals closed at $79.22 yesterday.