Amphastar downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Amphastar (AMPH) to Neutral from Overweight with a price target of $36, down from $66. The firm noted that shares of Amphastar are down over 36% over the last 52 weeks, saying “yes, we’ve gotten this one wrong.” Even with the share price decline, the firm does not believe the risk/reward is more favorable given “recent competitive headwinds associated with key products.”