Piper Jaffray Names Salix Pharmaceuticals (SLXP) as Top Small Cap Pick for 2010
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January 5, 2010 7:05 AM EST
Piper Jaffray maintains an Overweight rating on Salix Pharmaceuticals (Nasdaq: SLXP), raises price target from $29 to $58.
Piper analyst says, "We are highlighting Salix as our top small-cap specialty pharma pick in 2010. We believe that Street estimates (including ours) have been significantly underestimating the pricing power associated with Xifaxan in its expansion markets. We are raising our Xifaxan estimates to better reflect pricing expectations cited by SLXP at its analyst day in November 2009. We remain confident that Xifaxan, with label expansions on the way in hepatic encephalopathy (HE) and non-constipation irritable bowel syndrome (IBS), will emerge as a blockbuster product and would continue to be enthusiastic buyers of SLXP shares...Raising Xifaxan sales estimates; over $1B in sales by 2014. Our EPS estimate rises to $7.55 by 2014, up from $3.42. With a relatively concentrated GI prescriber audience, and therefore modest sales force expansion requirements, we believe that margin expansion over the long-term could be compelling. SLXP has suggested that it can reach 70% of the IBS prescriber audience (plus the entire HE audience) with a sales force of 400 reps (it is already expanding its sales organization to 240 reps)...With Xifaxan peak sales in excess of $1.0B realistic, we believe Salix is the most compelling small-cap growth story in the specialty pharma space."
To see all the upgrades/downgrades on shares of SLXP, visit our Analyst Ratings page.
Salix Pharmaceuticals, Ltd. is a specialty pharmaceutical company focuses on acquiring, developing and commercializing prescription drugs used in the treatment of a range of gastrointestinal diseases, which are those affecting the digestive tract.
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