Piper downgrades Eagle Pharmaceuticals to Underweight on long-term concerns

As previously reported, Piper Sandler analyst David Amsellem downgraded Eagle Pharmaceuticals to Underweight from Neutral with a price target of $17, down from $26, following the company’s Q2 report. Though the company having raised its FY20 adjusted EBITDA and EPS guidance “is not lost on us,” the firm says it “continues to struggle” with the longer-term EBITDA trajectory given what it views as “challenging dynamics on multiple fronts,” including declining contribution from bendamustine products and sluggish uptake of new products Barhemsys and Byfavo.