UPDATE: Citigroup Initiates Supernus Pharmaceuticals at Neutral; Fully Valued

Citigroup initiated coverage on Supernus Pharmaceuticals SUPN with a Neutral/High Risk rating and a $14 price target. Citigroup noted, "We recognize the potential opportunities for SUPN's extended release epilepsy drugs Oxtellar XR (SPN-804) and Trokendi XR (Extended release Topamax). However believe the company is currently fairly valued based on the risk associated with the company's commercial execution to recognize the potential value of these programs. Physician feedback has highlighted the importance of impact of early launch efforts/impact on long-term potential for an epilepsy product." Supernus Pharmaceuticals closed at $11.39 on Monday.