UPDATE: Oppenheimer Assumes Coverage on Antares Pharma with Outperform Rating, $6 PT on Multiple Positive Factors

In a report published Friday, Oppenheimer analyst Akiva Felt assumed coverage on Antares Pharma ATRS with an Outperform rating and $6.00 price target. In the report, Oppenheimer noted, “We are assuming coverage of Antares Pharma (ATRS) with an Outperform rating and a 12- to 18-month price target of $6. Antares' lead asset, OTREXUP (expected launch in early-2014), represents a transformational opportunity for the company as it will be its first internally marketed product, allowing the company to realize significantly better economics and attract greater visibility among healthcare investors, in our view. We are also optimistic about the opportunity of Vibex QST to compete in the rapidly expanding testosterone replacement therapy (TRT) market and provide a second leg of growth after OTREXUP. Meanwhile, we believe Antares' core business built around its injectable technology platform provides ample revenue opportunities via either proprietary development or additional partnerships. We are adjusting our estimates to reflect expected spend ahead of the potential OTREXUP launch in early 2014.” Antares Pharma closed on Thursday at $4.08.