Piper Jaffray Reiterates Neutral Rating, $44 PT on Endo Pharmaceuticals

Piper Jaffray is reiterating its Neutral rating and $44 PT on Endo Pharmaceuticals Holdings Inc. ENDP. “On Friday, Endo announced the recall of two lots of legacy product Endocet (a combination of oxycodone and acetaminophen), as well as four lots of two generic products made by Qualitest,” Piper Jaffray writes. “The impact on sales is inconsequential, provided that these are isolated incidents, as ENDP has suggested. There were incorrect doses in Endocet bottles, and incorrect product labeling involving the two products made by Qualitest. Given the continued uncertainty over the future of Lidoderm (not to mention regulatory risk surrounding the crush-resistant formulation of Opana ER and the paragraph IV filings sure to follow an approval), we would continue to remain on the sidelines.” Endo Pharmaceuticals closed Friday at $38.63.