Jefferies lowered its price target on Amphastar Pharmaceuticals (NASDAQ: AMPH) to $20.00 (from $21.00) while maintaining a Buy rating. 1Q EPS of $0.09 was ahead of consensus estimates on lower spending.

Management reported that the FDA recently completed pre-approval inspections for 5 of the 6 ANDA’s on file and noted that 4 ANDAs have 2017 GDUFA dates while one product is a pre-GDUFA ANDA.