UPDATE: Cantor Fitzgerald Raises PT to $16 on Pernix Therapeutics Holdings
Cantor Fitzgerald raises its price target from $15 to $16 on Buy-rated Pernix Therapeutics Holdings (NYSE: PTX) following updated from the company's Management Marketing Day.
Cantor Fitzgerald notes, "Key takeaways include: (1) The company plans to close 2-5 deals in 2012, one of which is for the branded non-seasonal pediatric product that got delayed from 2011 and several of which are in generics/OTC; (2) We have more clarity about mgmt's horizontal integration strategy and associated mechanics; and (3) Mgmt plans to announce the Theobromine strategy on its next earnings call, which should allow for increased visibility. We continue to like the development of the three verticals in brand, generic, and OTC that are being filled out via the company's aggressive M&A activities, and mgmt's vision for the business (with $1.0 billion in sales as an attainable goal)."
PTX closed at $8.87 a share on Wednesday.
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