UPDATE: Oppenheimer Initiates Coverage on ANI Pharmaceuticals

In a report published Wednesday, Oppenheimer analyst Rohit Vanjani initiated coverage on ANI Pharmaceuticals ANIP with an Outperform rating and $29.00 price target. According to the report, the shares of ANIP are up roughly ~230 percent since its merger with BioSante, largely on the strength of the menopause product sales, esterified estrogen with methyltestosterone (EE/MT). Additionally, it is believed that with a key acquisition of products from Teva, ANIP has a number of catalysts past the EE/MT opportunity. “With regards to Amneal re-entering the market, our consultant checks indicate that Amneal's sourcing of API has been the key issue,” the report noted. “The consultant also noted that even if Amneal could return to the market immediately, it would likely act “responsibly” at this point on price.” ANIP closed Tuesday at $23.91.