Piper Jaffray reiterates an Overweight rating on Eagle Pharmaceuticals (NASDAQ: EGRX), and cut the price target to $97.00 (from $120.00), following the company's 3Q earnings report. Eagle reported EPS of ($0.65) on revenues of $6M, missing consensus on both. Analyst David Amsellem continues to believe there is optionality associated with Ryanodex in exertional heat stroke (EHS), and should see data from a proof-of-concept study in the next few weeks.

Amsellem commented, "Eagle reported EPS of ($0.65) on revenues of $6M. We are nearing a number of major clinical and regulatory milestones associated with EGRX's pipeline. We continue to believe there is optionality associated with Ryanodex in exertional heat stroke (EHS), and should see data from a proof-of-concept study in the next few weeks. We should also see FDA approval for EP-3102, EGRX's rapid infusion form of bendamustine that is partnered with TEVA, before year-end. With a brisk lineup of catalysts, along with strong visibility that Teva will look to convert the entire bendamustine market over to EP-3102 (and further believe that cash flows from EP-3102 will be durable), we continue to believe that EGRX is attractively valued in the context of a 2016 P/E of 12x our estimate. We reiterate our Overweight rating and are lowering our PT to $97 from $120 (our estimates are now fully-taxed)."

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Shares of Eagle Pharmaceuticals closed at $72.39 yesterday.