Barclays Hopes Pulmicort Is 'Back For Good' At Actavis

In a report published Friday, Barclays analysts maintained an Equal-Weight rating on

, with a price target of $300, after the company won a court battle and re-launched its generic version of Pulmicort Respules. The re-launch was done after the US Court of Appeals for the Federal Circuit (CAFC) upheld the District Court's ruling that

834 patent is "invalid." "ACT first won approval for its generic version of Pulmicort in 2012 although the original decision was remanded by the CAFC back to the District Court. The ‘834 patent was invalidated again in March, at which time ACT launched its generic product briefly, before being enjoined by the CAFC while a new appeal was heard. With the CAFC weighing in (again), seems unlikely AstraZeneca has additional avenues to pursue," the analysts mentioned. The CAFC decision is expected to boost Actavis' future revenues. "TEVA already markets a generic version and we expect other competitors to launch alongside ACT, including Sandoz," the analysts added. Namenda XR conversion and the competitive concerns for Restasis after the FDA granted priority review to

for lifitegrast, could restrict the company's performance. The EPS estimates for 2015 and 2016 have been reduced from $17.70 to $17.64 and from $21.93 to $21.17, respectively.