Mizuho Securities Remains Bullish on Horizon Pharma (HZNP); Says Subpoena Appears Benign
Mizuho Securities maintained a Buy rating on Horizon Pharma (NASDAQ: HZNP), and cut the price target to $34.00 (from $36.00), following the company's 4Q earnings report. HZNP reported a strong revenues of $244.5M and EPS of $0.63 vs. consensus estimates of $240.8M and $0.61. Mgmt indicated the subpoena disclosed in the company's 10-K filing did not lay out any allegations, and it is not clear whether Horizon is the target of the investigation, or if the investigators are gathering information on specialty pharma patient assistance programs as a part of work on other companies.
Analyst Irina Koffler commented, "We view the sell-off in the stock as overdone following a strong 4Q:15 print, and reiterate our Buy rating, but lower our PT to $34. The subpoena disclosed in the company's 10-K filing appears relatively benign to us, while the business continues to strengthen with sales force expansion and the expectation for more business development in 2016."
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Shares of Horizon Pharma closed at $17.16 yesterday.