Amphastar Pharmaceuticals: Strategic Shift and Growth Catalysts Justify Buy Rating with $36 Target

Analyst Serge Belanger from Needham maintained a Buy rating on Amphastar Pharmaceuticals and keeping the price target at $36.00.

Serge Belanger has given his Buy rating due to a combination of factors that highlight Amphastar Pharmaceuticals’ promising outlook. The company’s management has outlined a strategic shift towards proprietary branded products, which is expected to drive future growth. In the short term, Amphastar’s current growth drivers, such as Baqsimi and Primatene Mist, along with recent FDA approvals, are positioned to bolster the company’s performance and mitigate pressures on other products like glucagon and epinephrine.
Furthermore, Amphastar has maintained its expectations for stable revenue in 2025, with a return to double-digit growth anticipated in 2026. Belanger’s analysis suggests that the company’s stock is currently undervalued, considering its present metrics and upcoming growth catalysts. This assessment, combined with an updated model reflecting current product trends, supports the Buy rating and a price target of $36.