Aegis Capital has issued a ‘Buy’ rating and price target of $11 on Recro Pharma (NASDAQ: REPH) following the company’s recent report of positive top-line results from its phase 3 safety study evaluating intravenous (IV) meloxicam following major surgery. The analyst noted that the final clinical requirement was met for the IV Meloxicam NDA, and the company is on track to file in the third quarter of 2017. Shares of Recro Pharma are currently trading at $7.57 with a 52-week range of $0.59-$12.50.
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 management of moderate to severe post-operative pain and two pivotal phase III clinical efficacy trials in patients following bunionectomy and abdominoplasty surgeries, as well as a large double blind phase III safety trial and other safety studies. 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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