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WELL SAID STATEMENT:
William Blair: 1 percent penetration on very conservative numbers = $245 million product revenue flow
The specialty pharmaceutical company said on Friday that the U.S. Food and Drug Administration approved its drug for treating pain severe enough to require around-the-clock, long-term treatment.
William Blair analyst Tim Lugo raised his price target on the company's stock to $6 from $3, saying that the drug had a substantial opportunity in the market for chronic pain drugs.
"If we assume a relatively conservative $7 per day and an average 25 days of therapy, only a 1 percent penetration into the combination market would suggest a $245 million product," he wrote in a note to clients.