Wells Fargo analyst Cerena Chen maintained a Buy rating on Amphastar Pharmaceuticals yesterday and set a price target of $35.00.
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Cerena Chen has given her Buy rating due to a combination of factors surrounding Amphastar Pharmaceuticals’ recent developments and future prospects. The approval of AMP-002, an iron sucrose product for treating iron deficiency anemia in chronic kidney disease, is a significant milestone. This approval is expected to open a $75 million opportunity for the company, despite competition from VTRS.
Additionally, Amphastar’s management shows confidence in securing two approvals this year, which supports the positive outlook. The company is strategically positioned to capture a 25% market share, even with a 40% price discount due to the presence of generic players. These factors, along with the potential of AMP-007 and the anticipated approval of teriparatide, contribute to the robust pipeline that underpins the Buy rating.
According to TipRanks, Chen is an analyst with an average return of -4.3% and a 37.50% success rate. Chen covers the Healthcare sector, focusing on stocks such as Axsome Therapeutics, Amphastar Pharmaceuticals, and Zealand Pharma.
In another report released today, Needham also upgraded the stock to a Buy with a $36.00 price target.