UPDATE: Cantor Fitzgerald Initiates Coverage on Apricus Biosciences on Cautious Stance
In a report published Friday, Cantor Fitzgerald analyst Irina Rivkind initiated coverage on Apricus Biosciences (NASDAQ: APRI) with a Hold rating and $2.00 price target.
In the report, Cantor Fitzgerald noted, “Apricus offers a niche men's sexual health product and a pipeline program in female sexual health: Vitaros is a topical cream that has been recently approved for the treatment of erectile dysfunction (ED) in Europe. We expect peak royalties of $35M based on revenues of ~$300M along with $15M in transfer pricing. A second topical cream for the treatment of female sexual dysfunction (Femprox) still has to progress through late-stage clinical trials. We need to get comfortable with the development pathway for this asset but think that positive data in the 2016 time frame could make Apricus significantly more attractive. Because we think the story needs more time to develop, we are taking a cautious stance on the stock and initiating coverage with a HOLD rating and $2.00 price target (PT).”
Apricus Biosciences closed on Thursday at $2.17.
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