J.P.Morgan has raised its rating on Amneal Pharmaceuticals Inc’s (NASDAQ: AMRX) stock to “Neutral”, as the bank cited progress in revamping business operations.
According to J.P.Morgan, Amneal Pharmaceuticals’ generic drug business is generating “solid growth”, with a move away from oral solid medications and towards complex products and biosimilars.
The Wall Street bank noted that the progress could allow Amneal Pharmaceuticals to achieve compound annual growth rate of 9% from 2024 to 2028, which would be “well ahead of peers.”
Stock Performance
The shares of Amneal Pharmaceuticals Inc (AMRX) closed 0.71% ($0.06) lower at $8.39 on Nasdaq on Friday, as they extended the loss from the previous market session.
The company’s total market cap now stands at $2.597 billion.
The shares of Amneal Pharmaceuticals Inc (AMRX) went up 205.02% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen 38.22% so far this year.
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