Morgan Stanley analyst David Risinger lowered his estimates for Amneal’s Q4, FY19 and FY20 as management comments at a conference on Monday drove him to be more conservative. While CEO Rob Stewart did not provide any new financial guidance, he is quoted as having said that in the company’s prior competition assumptions “specifically [for] yuvafem we didn’t expect competition and now that’s come a little bit earlier than expected. Same thing with dipyridamole/aspirin that we saw competition now on that that we didn’t expect and we’re working through what all that means.” In the note, entitled in part “FDA approvals a double-edged sword,” Risinger said that Amneal continues to score pipeline approvals, but so do competitors to existing Amneal products. He lowered his price target on the stock to $24 from $26 and keeps an Overweight rating on Amneal shares.
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