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H.C. Wainwright initiated coverage of Assertio Holdings (NASDAQ:ASRT) with a buy rating, calling the stock undervalued.
The investment bank said it viewed Assertio, formerly known as DepoMed, as “underrated and overlooked due to its checkered history,” which included opioid liability exposure and debt as high as $800M. It noted the company now has a “healthy” balance sheet, only $40M in debt, a diversified product portfolio and growth drivers such as Rolvedon.
H.C. Wainwright said it believes Rolvedon could reach peak annual sales of around $140M in the early 2030s. It added that “long run positive traction” from products such as Rolvedon, Otrexup and Sympazan “ought to drive renewed interest from investors.”
The bank set its price target at $4.