Duncan Williams Maintains Pernix Therapeutics Buy, PT

Duncan Williams maintained its Pernix Therapeutics (NYSE: PTX) Buy rating and $19 price target in a research report published Tuesday.

In the report, Duncan Williams states, "Pernix reported revenues of $12.0M ($7.3M Consensus) and earnings of $0.07 versus Street expectations of $0.03. We were even lower ($6.3M and $0.01) because we expected a much bigger seasonality impact. It appears that Cedax sales were stronger and the Macoven unit provided a boost to the top line ($1.6M reported for other generic products). The Medicaid rebate provision improved to 34% from 51% last quarter and management expects this number to improve further with the addition of new products."

Shares of Pernix Therapeutics were trading at $8.15 at the time of posting, up 5.84% from Tuesday's market close.