Wednesday, April 29, 2020 12:28:44 PM
Specializing in the development of products for patients in acute care settings, Baudax Bio is committed to providing clinically meaningful therapeutic options. Shares are up 25% in the last month, and some market watchers believe that there’s still plenty of room for BXRX to keep on surging.
This appears to be the stance taken by Boyd. Armistice initiated a new position, pulling the trigger on 899,576 shares. Along with the purchase came a 4.99% stake in BXRX.
Weighing in on the healthcare name for Janney Montgomery, analyst Esther Hong has also been singing its praises. Her bullish thesis is in part driven by the company’s plans for its IV meloxicam (Anjeso) product’s U.S. launch. The therapy, which was approved back in February for the treatment of moderate-to-severe post-op pain, will be launched in June, with the company placing a significant focus on hiring and training a sales staff in preparation for the full commercial launch.
Hong tells investors that once COVID-19 restrictions are eased, she predicts a spike in elective surgeries. As a result, her call for de minimis U.S. Anjeso sales of $3.1 million for the first six months after launch remains unaltered.
Hong added, “Once the recommendation against non-emergency procedures is lifted, we believe Baudax will move full speed forward with its plans to target ambulatory surgical centers (ASCs) that perform the following core target procedures: orthopedic (hip/knee, spine, other), general surgery and colorectal. This translates to approximately 550 ASC accounts that perform approximately 1 million of these procedures per year.” As BXRX has also identified 1,450 inpatient and outpatient hospitals that make up 80% of the targeted market, the deal is sealed for Hong.
As a result, Hong rates BXRX shares a Buy along with a $10 price target, which implies 190% upside potential. (To watch Hong’s track record, click here)
Other analysts are on the same page. Based on 100% Street support, BXRX earns a Strong Buy consensus rating. In addition, the $13.33 average price target is more aggressive than Hong’s and suggests 291% upside potential. (See Baudax stock analysis on TipRanks)
https://finance.yahoo.com/news/healthcare-investor-steven-boyd-gobbling-140257476.html
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