Guggenheim analyst Louise Chen reiterating Buy rating and boosted his price target on ANI Pharmaceuticals (NASDAQ: ANIP) to $55.00 (from $50.00) following Q1 beat. The analyst sees many potential catalysts in 2Q16+.

Chen commented, "Post the 1Q16 beat, we remain positive on ANIP and increased our PT to $55 from $50. The increase in our PT is driven by upward earnings revisions. ANIP started off the year strong. The company has closed three deals, received two approvals, and expects seven launches in 2Q16. Therefore, we continue to believe a large number of approvals over the next 12 months should drive earnings growth to levels not reflected in consensus. We estimate ANIP can get to its goal of $100MM of EBITDA in '17 and that ANIP's corticotropin-zinc hydroxide could add $3.00-$4.00 to EPS annually."

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Shares of ANI Pharmaceuticals closed at $43.68 yesterday.