Amphastar up after Piper Sandler raises PT

Amphastar Pharmaceuticals,

18/07/2023 18:03

** Shares of drug maker Amphastar Pharmaceuticals  AMPH.O 
up 10.1% at $62.4 - among top pct. gainers on the Nasdaq
Biotechnology Index  .NBI  
    ** Piper Sandler raises PT on the stock to $66 from $55,
citing co's strategical presence in the broader diabetes
treatment market after it acquired Eli Lilly's  LLY.N  low blood
sugar drug Baqsimi
    ** The new PT represents a 16.4% upside on stock's last
close  
    ** Brokerage says Baqsimi deal represents a strategic shift
as AMPH's pipeline of insulin biosimilars makes progress and co
looks for acquiring other brands  
    ** All three brokerages covering the stock rate it "hold" or
higher; their median PT is $60.50
    ** Including session gains, AMPH has more than doubled so
far this year compared to a ~1% fall in NBI 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))