Adamis Pharma Receives a Buy from B.Riley FBR

By Ryan Adsit

B.Riley FBR analyst Andrew D’silva maintained a Buy rating on Adamis Pharma (NASDAQ: ADMP) today and set a price target of $9.50. The company’s shares closed yesterday at $4.65.

D’silva commented:

“ADMP filed its 10Q for 3Q17 AMC on Tuesday, 11/14. The company does not host a conference call. The company’s top line/EPS/adj. EBITDA loss came in at $3.4MM/($0.26)/$3.4MM compared to our/consensus estimates of $4.0MM/($0.16)/$3.3MM and $4.4MM/($0.16)/ $3.3MM, respectively. The revenue miss was completely tied to the company’s compounding business while the EPS miss was due to the lower than expected top line coupled with $1.1MM in one-time non-cash expenses ($96K impairment due to equipment damage from a flood and $960K from an inducement expense for the exercise of warrants during the period), which if excluded would have resulted in the company recognizing an EPS of ($0.18). Meanwhile, we continue to expect a strategic marketing partnership to be established for Symjepi in the hired an investment bank to help with these efforts, and highlighted that it is in discussions near term and are modeling an agreement this year.”

According to TipRanks.com, D’silva is a 1-star analyst with an average return of -3.1% and a 40.6% success rate. D’silva covers the Healthcare sector, focusing on stocks such as Cytosorbents Corp, Cytori Therap, and Digirad Corp.

Adamis Pharma has an analyst consensus of Strong Buy, with a price target consensus of $9.83.

Based on Adamis Pharma’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $3.81 million and GAAP net loss of $4.97 million. In comparison, last year the company earned revenue of $2.08 million and had a GAAP net loss of $6.64 million.

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Adamis Pharmaceuticals Corp. is a biopharmaceutical company engages in the provision of medical development. Its activities include the combination of pharmaceuticals and biotechnology to produce medicines for patients, and physicians. It focuses on products such as inhaler technology in the field of allergy and respiratory diseases.