Mizuho Securities Remains Bullish on Eagle Pharmaceuticals (EGRX) Despite Weak 4Q; Investors Focus on Bendeka Opportunity

Mizuho Securities maintained a Buy rating on Eagle Pharmaceuticals (NASDAQ: EGRX), and cut the price target to $81.00 (from $112.00), following the company's 4Q earnings report. EGRX reported 4Q revenues of $18.2M and EPS of $0.07, missing the consensus estimates of $20.8M and $0.30. The most important point of the call, in Mizuho's view, was management's conviction in the durability of the Bendeka revenue streams, which may have been what rallied the stock.

Analyst Irina Koffler commented, "In spite of a weak quarter, EGRX kept investors focused on the large and durable opportunity in Bendeka, which sent the stock higher. Because mgmt. now expects Teva to convert the entire Treanda market to Bendeka, we stripped Bendeka "big bag" assumptions from our model which drove us to lower our PT to $81 from $112. We still reiterate our Buy rating."

For an analyst ratings summary and ratings history on Eagle Pharmaceuticals click here. For more ratings news on Eagle Pharmaceuticals click here.

Shares of Eagle Pharmaceuticals closed at $66.30 yesterday.

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