ANI Pharma rises after J.P.Morgan initiates coverage with 'overweight' rating

Shares of drugmaker ANI Pharmaceuticals ANIP.O rise 3.2% to $63.37

J.P.Morgan starts coverage with "overweight" rating and PT of $85, which implies a 38.4% premium to stock's last close

Company's anti-inflammatory Cortrophin Gel is benefiting from an increased commercial footprint and has significant potential for growth, particularly as a treatment for eye diseases, J.P.Morgan analysts say

The treatment can also benefit if approved for additional conditions such as acute gouty arthritis, in which patients experience sudden and severe attacks of pain, swelling, redness and tenderness in the joints - brokerage

JPM views the recent acquisition of rare-disease drugs Yutiq and Iluvien from Alimera as an upside to its product portfolio

ANIP's ongoing litigation with CG Oncology CGON.O related to royalty payments for its oncolytic virus technology, represents an attractive opportunity for the market to buy shares - brokerage

Stock down 7.1% in the past 12 months