Opiant Pharmaceuticals price target raised to $42 from $32 at Cantor

Cantor Fitzgerald analyst Brandon raised his price target for Opiant Pharmaceuticals to $42 citing upwards earnings revisions for Narcan and a revised share count post the recently completed equity financing. The company is developing treatments focused on multiple addictions including a next-generation, improved Narcan, OPNT003, which has a longer half-life, offering better reversal outcomes in fentanyl-related overdoses, Folkes tells investors in a research note. He believes Emergent BioSolutions’ recent acquisition of Adapt Pharma for $735M underscores the value of the opioid overdose market. As Opiant advances its pipeline, investors to begin to appreciate the market potential of its candidates, which should drive the stock higher, the analyst contends. Folkes reiterates an Overweight rating on the shares.
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