ANIP - ANI Pharma draws Buy at Guggenheim on potential of autoimmune therapy
- ANI Pharmaceuticals ( NASDAQ: ANIP ) gained ~3% in the morning hours Wednesday, marking the biggest intraday gain since late January, after Guggenheim launched its coverage with a Buy recommendation citing the company’s hormonal autoimmune therapy Cortrophin Gel.
- Cortrophin Gel is an adrenocorticotropic hormone launched in the U.S. in Jan. 2022 after the FDA expanded its approval in Oct. 2021 as a treatment for certain chronic autoimmune disorders.
- Citing "significant demand" for H.P. Acthar Gel, a rival therapy from Mallinckrodt Pharma ( MNK ), Guggenheim sees bullish prospects for Cortrophin Gel, expecting it to generate ~$220M of annual sales for ANI ( ANIP ) by 2028.
- While highlighting ANIP management’s ability to pursue business development opportunities, the analyst Vamil Divan also thinks that the company’s 2021 acquisition of Novitium Pharmaceuticals can drive potential upside in its generic business. Guggenheim issues a $55 per share target on ANIP.
- Seeking Alpha contributor Just the Facts Maam argued in January that the company’s LibiGel therapy is on track to become the first U.S.-approved testosterone drug for women.
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ANI Pharma draws Buy at Guggenheim on potential of autoimmune therapy