Maxim Group Thinks Adamis Pharma’s Stock is Going to Recover

Maxim Group analyst Jason McCarthy maintained a Buy rating on Adamis Pharma (ADMPResearch Report) yesterday and set a price target of $6. The company’s shares closed yesterday at $1.21, close to its 52-week low of $1.09.

McCarthy noted:

“Symjepi was launched in January by Sandoz (Novartis, NVS – NR), the compounding business is growing and more refined and the naloxone injection got a PDUFA date. In our view, it’s been a pretty good year for Adamis as the company continues to execute. Nonetheless, several overhangs including legal issues related to the epinephrine and naloxone, awaiting expanded commercialization of Symjepi and capital needs have pressured ADMP shares. The good news is it’s been a busy July for the company and as of July 24, three of those issues have been resolved. ○ Commercialization footprint expands: On 7/9/19, Sandoz launched Symjepi into the US retail market (both 0.15mg and 3.0mg). This brings the product to local pharmacies which should expand individual access. Timing is important as well as the US gears up for another school year.”

According to TipRanks.com, McCarthy ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -20.9% and a 25.1% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Teva Pharmaceutical Industries Limited, Aridis Pharmaceuticals Inc, and Achieve Life Sciences Inc.

Adamis Pharma has an analyst consensus of Strong Buy, with a price target consensus of $3.70.

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The company has a one-year high of $4.25 and a one-year low of $1.09. Currently, Adamis Pharma has an average volume of 409K.

Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ADMP in relation to earlier this year.

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Adamis Pharmaceuticals Corp. is a biopharmaceutical company, which engages in the discovery, development and sales of pharmaceutical, specialty biopharmaceutical and other drug products. It offers Symjepi product for allergy, respiratory, opioid overdose, and erectile dysfunction (ED), markets.