Aegis Capital has issued a ‘Buy’ rating and an adjusted price target of $11 on shares of Recro Pharma’s (NASDAQ: REPH) stock. Aegis lowered the price target to $11 from $25 as a result of the recent dilutive capital raise. Recro recently reported financial results for the year ended December 31, 2016. For the fourth quarter of 2016, the company reported revenue of $17.4 million, surpassing street consensus estimates of $13.8 million. Additionally, over the past year, the company has reported positive data for IV Meloxicam from two pivotal phase 3 trials, which Aegis cited as a catalyst for the company. Recro plans to file an NDA for IV meloxicam during the summer of 2017.
For more information, visit www.recropharma.com
About Recro Pharma, Inc.
Recro is a specialty pharmaceutical company that operates through two business divisions, an Acute Care, hospital product division and a revenue-generating contract development and manufacturing, or CDMO division, located at the company’s Gainesville facility. The Acute Care division is primarily focused on developing innovative products for hospital and other acute care settings. The company’s lead product candidate is a proprietary injectable form of meloxicam, a long-acting preferential COX-2 inhibitor. IV meloxicam has successfully completed four phase II clinical trials in the treatment of moderate to severe post-operative pain and two pivotal phase III clinical efficacy trials in patients following bunionectomy and abdominoplasty surgeries. As injectable meloxicam is in the non-opioid class of drugs, the company believes it will overcome many of the issues associated with commonly prescribed opioid therapeutics, including respiratory depression, constipation, excessive nausea and vomiting, as well having no addictive potential while maintaining meaningful analgesic effects for relief of pain. The company’s CDMO division leverages its formulation expertise to develop and manufacture pharmaceutical products using its proprietary delivery technologies and other manufacturing services for commercial partners who commercialize or plan to commercialize these products. These collaborations can result in revenue streams including royalties, profit sharing, research and development and manufacturing fees, which support continued operations for its CDMO division and it contributes non-dilutive funding for the development and pre-commercialization activities of its Acute Care division.
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