Amphastar Pharmaceuticals

AMPH · NASDAQ

$25.94−$0.20 (−0.77%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $26.14

AMPH analyst rating

HoldConsensus of 6 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold5
Underperform1
Sell0

12-month price target · 8 analysts

Average $22.95 (−11.5% downside)

Low: $20.20
Now: $25.94
High: $31.50

Upgrades and downgrades

The latest rating actions, newest first

AMPH analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Aug 18, 2026	Maintains	Equal-Weight	$20.00 → $23.00	53%
Piper Sandler	Aug 7, 2026	Maintains	Neutral	$21.00 → $20.00	68%
Wells Fargo	Aug 7, 2026	Maintains	Equal-Weight	$19.00 → $20.00	29%
B of A Securities	Jun 29, 2026	Downgrade	Neutral → Underperform	$25.00 → $20.00	56%
Barclays	Jun 3, 2026	Maintains	Equal-Weight	$23.00 → $20.00	53%
Wells Fargo	May 14, 2026	Downgrade	Overweight → Equal-Weight	$30.00 → $19.00	29%
Piper Sandler	May 11, 2026	Maintains	Neutral	$25.00 → $21.00	68%
Needham	May 8, 2026	Downgrade	Buy → Hold	—	53%
Jefferies	Apr 21, 2026	Downgrade	Buy → Hold	$30.00 → $22.00	25%
Barclays	Apr 8, 2026	Maintains	Equal-Weight	$30.00 → $23.00	53%

The case for and against

Updated Oct 14, 2026

Bull case

Amphastar Pharma is supported by a differentiated injectable, inhalation, and intranasal portfolio, with hospital-oriented products distributed through group purchasing organizations and wholesalers, and the U.S. remains the main revenue driver. Despite pricing pressure on Baqsimi from higher rebates, channel mix, and 340B discounts, the company still expects 2026 high-single digit top-line growth, while Baqsimi peak sales expectations of $250M-$275M remain intact and margins may improve by discontinuing some international sales in 2H26. The recent launch of ipratropium bromide HFA has not seen additional competition and could become a $30M-$40M sales opportunity, offsetting generic epinephrine and glucagon competition that together represented over 15% of 1Q26 revenue and supporting the firm’s long-term earnings potential.

Bear case

Amphastar Pharma is facing a weakening fundamental backdrop as Baqsimi pricing pressure and reimbursement-driven rebates outweigh prescription growth, with 2Q26 sales of $45.5M down from $46.7M in 2Q25 despite Rx rising 17%. Its core generic franchise is also under strain, as injectable glucagon fell 56% in 1Q26 to $9.2M after Viatris entered the market, while epinephrine only rose 3%, leaving growth dependent on temporary supplier shortages rather than durable demand. With next ANDA approvals and potential new products not expected until 2027, the company’s future hinges on uncertain, costly pipeline execution and offers limited near-term catalysts.

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