Duncan-Williams Maintains Hold Rating On ISPH

Duncan-Williams is maintaining its Hold rating on shares of Inspire Pharmaceuticals, Inc. ISPH.

“We report that the FDA approved an ANDA for generic epinastine hydrochloride (Allergan's Elestat) on March 14,” Duncan-Williams writes. “The generic company receiving the first ANDA approval is Cypress Pharmaceutical, Inc., a small US-based generic manufacturer.

“Inspire was previously entitled to 50% of Elestat revenue streams and this royalty drops to 20% in the first year after generic launch, going to 15% in the second year, and 10% in the third year. We had modeled generic launch in 2Q11 so there is no change to our numbers at this time.”

Inspire Pharmaceuticals closed Tuesday at $3.75.