EGRX - Piper Sandler cuts Eagle Pharmaceuticals to underweight post-earnings

2023-08-09 14:31:20 ET

Piper Sandler has downgraded Eagle Pharmaceuticals ( NASDAQ: EGRX ) to underweight, citing concerns about the declining contribution of bendamustine products in the longer term.

The investment bank said that Eagle was facing "challenging dynamics," including generic versions of the legacy form of the molecule for bendamustine, declining utilization of bendamustine in general, and "sluggish" uptake of newer products such as Barhemsys and Byfavo.

Piper lowered their price target for Eagle to $17 from $26.

Shares of Eagle were down 15% in early afternoon trading, recently selling for $19.52 a share at around 2:15 p.m. ET.  The company released its quarterly earnings report on Tuesday.

More on Eagle Pharmaceuticals:

Eagle Pharmaceuticals, Inc. SEC Filing - Quarterly Report (10-Q) August 08, 2023

Eagle Pharmaceuticals, Inc. ( EGRX ) Q2 2023 Earnings Call Transcript

Eagle Pharmaceuticals Non-GAAP EPS of $1.18 beats by $0.04, revenue of $64.6M beats by $5.24M

Eagle Pharmaceuticals: Going Through A Transition

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