ANI Pharmaceuticals initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of ANI Pharmaceuticals with an Overweight rating and $68 price target ANI’s business model has evolved considerably, from one focused primarily on generics to one that is focused on layering in high-margin, rare disease-focused brand assets, the analyst tells investors in a research note. The firm says that with growing contribution from “durable” brand assets, visibility into the company’s steady sales growth and EBITDA margin expansion is high, translating into room for multiple expansion.