EGRX - Endo downgraded at Piper Sandler after legal setback for Vasostrict

Piper Sandler has lowered its rating on Endo International (NASDAQ:ENDP) to neutral from overweight after a court ruling determined that Eagle Pharmaceuticals (NASDAQ:EGRX) with its marketing application for Vasopressin did not infringe patents related to the Vasostrict marketed by the company. The analysts, led by David Amsellem, note that their previous bullish thesis on Endo (ENDP) was based on, among other things, that an assumption on few more years of market exclusivity for Vasostrict would not let the company suffer liquidity issues from opioid-related liabilities. However, with the court ruling, this “just does not appear to be in the cards,” they wrote, slashing the price target of the stock to $3 from $10 per share to imply a premium of ~30.4% to the last close. While the company is advancing a ready-to-use formulation of Vasostrict, the availability of a single generic form of intravenous Vasopressin will significantly erode sales, the analysts

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Endo downgraded at Piper Sandler after legal setback for Vasostrict