Adma Biologics Beats Expectations: Analyst Raises Price Target

By Don Francis, Editor
May 15, 2024 7:08 AM UTC
Adma Biologics Beats Expectations: Analyst Raises Price Target

Raymond James's Elliot Wilbur raised their price target on Adma Biologics (NASDAQ: ADMA) by 25% from $8 to $10 on 2024/05/10. The analyst maintained their Strong Buy rating on the stock.

Wilbur's positive outlook for Adma Biologics comes after the company released its Q1 2024 financial results, which exceeded expectations. Adma Biologics reported earnings per share (EPS) of $0.08, beating the Zacks Consensus Estimate of $0.05 and showing significant growth from Q1 2023's loss of $(0.03). The company also reported revenue of $81.88 million, surpassing the Zacks Consensus Estimate by 6.75% and showing a substantial increase of 43.9% from Q1 2023's $56.91 million.

Not only did Adma Biologics deliver strong financial performance in Q1 2024, but the company also raised its guidance for the fiscal year 2024 and 2025. Management now expects revenue of $355 million for FY 2024, up from the previous guidance of $330 million. They also raised the net income and adjusted EBITDA projections for both fiscal years.

CEO Adam Grossman expressed confidence in the company's growth prospects, stating, "ADMA’s commercial success continues to unfold, and during Q1 2024, we surpassed our financial expectations and delivered compounding earnings growth." Grossman attributed this success to the record utilization of ASCENIV™ and the expanding market for BIVIGAM® in the United States.

Other analysts also updated their ratings and price targets for Adma Biologics on May 10, 2024. Cantor Fitzgerald's Kristen Kluska raised the price target by 25% to $10 and maintained their Strong Buy rating. HC Wainwright & Co.'s Raghuram Selvaraju increased the price target by 33.3% to $10 and maintained a Buy rating. Mizuho's Anthony Petrone raised the price target by 20% to $12 and also maintained a Strong Buy rating.

Overall, 100% of the top-rated analysts currently rate ADMA as a Strong Buy or Buy. No analysts consider it a Hold, and there are no sell recommendations for the stock.

Since the release of Adma Biologics' Q1 2024 report on May 9, 2024, the stock price has surged by 32.2%. Year-over-year, the stock has seen an impressive increase of 118.6%, outpacing the S&P 500, which has risen by 26.8% during the same period.

It's worth noting that Raymond James analyst Elliot Wilbur, who provided the latest rating and price target, is ranked in the bottom 5% of Wall Street analysts by WallStreetZen. However, it's important to consider that analysts' rankings and past performance do not guarantee future accuracy.

Adma Biologics, headquartered in Ramsey, New Jersey, is a biopharmaceutical company specializing in the development, manufacturing, and marketing of specialty plasma-derived biologics. The company's products are primarily used for the treatment of immune deficiencies and infectious diseases. In addition to its existing product portfolio, Adma Biologics is also working on developing a pipeline of plasma-derived therapeutics.

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