Friday, June 23, 2017 2:10:40 PM
8:49 AM ET, 06/23/2017 - Briefing.com
. H.C. Wainwright initiates ATRS with a Buy and price target of $5. ATRS has long been a leader in complex injector device development and made the leap to a fully integrated, commercial stage, drugdevice specialty pharmaceutical company in 2014 with the launch of Otrexup, which has been disappointing. The stock has now rebounded strongly off multi-year lows in the last year under new leadership, but firm believes there is still more upside as its diversified business strategy finally matures in the near future. Antares is a sum-of-the-parts story, and they believe several of those parts could come into clarity within months, including: (1) potential 3Q17 A/B-rated generic EpiPen approval (partnered with TEVA); (2) Antares' own Xyosted testosterone PDUFA date, Oct. 2017; (3) partnered generic Byetta approval/launch; and (4) partnered Makena auto injector Oct. 2017 PDUFA. Firm projects cash-flow breakeven in 2H18, overall profitability in 2019, and their SOTP and DCF valuations yield a $5/share 12-month target.
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