Investors In Avanir Cheer As Piper Jaffray Lifts Target On Stock Sharply From $6 To $13
Shares of Avanir Pharma (NASDAQ: AVNR) have rallied more than 5 percent Monday afternoon following some bullish comments and a raise price target from Piper Jaffray's Charles Duncan earlier. Avanir shares had traded up as much as 13 percent in the pre-market session.
The analyst more than doubled his price target on the stock from $6 to $13, citing a clear distinction from Neudexta generics and Avanir's next-gen AVP-786. Duncan believes the company's franchise will expand into 2030 or beyond.
Piper Jaffray currently rates Avanir shares at an Overweight.
With the stock trading up to around $5.23 at last check, Duncan's new price target implies potential upside of nearly 150 percent.
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