Guggenheim Creates Bullish Pitch For ANI Pharma On Progress With Cortrophin Launch

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  • Guggenheim launched its coverage on ANI Pharmaceuticals Inc ANIP with a price target of $55 and a Buy recommendation citing a "bullish view" driven primarily by enthusiasm for its Purified Cortrophin Gel's potential.
  • The company expects 2022 revenue guidance for Cortrophin between $40.0 million and $45.0 million.
  • Based on "significant demand" for H.P. Acthar Gel, a therapy from Mallinckrodt Plc MNK, Guggenheim sees potential for Cortrophin Gel, expecting it to generate ~$220 million annually by 2028.
  • Purified Cortrophin Gel's anticipated success also opens up the optionality to acquire additional assets to boost their rare disease business, especially in neurology, nephrology, and rheumatology, where the company is already promoting Cortrophin Gel. 
  • The analyst also thinks the company's 2021 acquisition of Novitium Pharmaceuticals will help drive potential upside in the generics business. 
  • Price Action: ANIP shares are up 5.09% at $43.97 on the last check Wednesday.
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