- Benchmark upgraded Emergent BioSolutions Inc (NYSE:EBS) from Hold To Buy with a price target of $22 on the positive FDA and Narcan market news.
- Related: FDA Approves First OTC Naloxone Nasal Spray For Opioid Overdose.
- At current levels, EBS is valued at just 0.5x estimated 2023E revenues. The price target of $22 equates to 1.0x 2023E revenues.
- The analyst writes that Emergent expects to launch its OTC product in the summer of 2023, giving a lead of around six months, if not more, over competing OTC versions.
- Emergent also has the benefit of an existing sales channel.
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Competitive Landscape
- Rival firm Amphastar Pharma Inc’s (NASDAQ:AMPH) naloxone hydrochloride nasal spray won FDA approval in early March, while another potential competitor – Amneal Pharmaceuticals Inc (NASDAQ:AMRX), awaits approval.
- Currently, Teva Pharmaceutical Industries Ltd (NYSE:TEVA) and Novartis AG‘s (NYSE:NVS) Sandoz market generics of the drug, with Emergent providing the manufactured product for Sandoz under a license agreement.
- Public awareness and acceptance of the OTC version have picked up steam.
- Price Action: EBS shares are up 14.49% at $12.09 on the last check Monday.
Solana Rises More Than 5% In 24 hours
Over the past 24 hours, Solana's (CRYPTO: SOL) price has risen 5.83% to $21.75. This is contrary to its negative trend over the past week where it has experienced a 2.0% loss, moving from $20.81 to its current price. As it stands right now, the coin's all-time high is $259.96.
