Amphastar initiated with a Neutral at BofA after 97% year-to-date rally

As previously reported, BofA initiated coverage of Amphastar with a Neutral rating and $63 price target. While saying that Amphastar is “winning on two fronts,” specifically its core generic drug business and its acquisition of Baqsimi for diabetics, investors have driven the stock up 97% year-to-date so the firm thinks the current multiple already reflects Baqsimi-driven growth and the company’s pipeline. Given the high valuation relative to traditional generic peers, BofA sees a more balanced risk/reward.