Teligent stock rises on news of FDA approval
On June 14, Teligent (TLGT) stock rose ~10.4% on the news of the FDA approval of its diflorasone diacetate ointment 0.05%. Investors were pleased with the news, and TLGT stock soared more than 10%. Teligent plans to launch the product in the third quarter of 2018.
Teligent is a New-Jersey-based specialty generic pharmaceutical firm that has a market capitalization of $193.2 million. It has a portfolio of topical generic products and four injectables products in the US. The approval of its diflorasone diacetate ointment 0.05% is the company’s fifth FDA approval in 2018.
As per IQVIA data, as of April 2018, the total addressable market for Teligent’s newly approved diflorasone diacetate ointment 0.05% is ~$14.1 million. Teligent stock was trading at its 52-week high of $9.54 on June 22, while its 52-week low of $2.43 was reported on March 15. The company closed at $3.61 on June 14. The stock is currently trading higher than its 50-day moving average of $2.98 and its 200-day moving average of $3.23.
Analysts’ recommendations for Teligent stock
As of June 15, Teligent stock has “buy” or “strong buy” recommendations from 50% of the six analysts included in a recent Reuters survey. The remaining 50% of analysts have a “hold” rating on Teligent. The stock doesn’t have any “sell” recommendations. The consensus target price for Teligent stock over the next 12 months is $5.3, which represents a return potential of ~46.8% for the next 12 months.
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