The Globe and Mail reports in its Tuesday, April 8, edition that Canaccord Genuity analyst Tania Armstrong-Whitworth has started coverage on Cipher Pharmaceuticals with a "hold" recommendation and a $12.50 share target. The Globe's David Leeder writes that analysts on average target the shares at $17.63. Ms. Armstrong-Whitworth says in a note: "Cipher Pharmaceuticals boasts a stable, highly profitable, and free cash flow generating specialty pharmaceuticals base business in North America. Last year, it augmented this business via the acquisition of head lice and scabies drug, Natroba. While Natroba is already a mature product in the U.S., with a 23-per-cent share of the $165-million topical anti-parasitic market, management believes it can accelerate sales growth by taking market share from the 75-per-cent leader. In our view, Cipher Pharmaceuticals' exemplary FCF profile, pristine balance sheet, and well-aligned management team warrants its 2.5-turn premium valuation. Whether this premium should be greater than where it stands today will depend on management's execution around Natroba this year." The Globe reported on Sept. 26 that Stifel analyst Justin Keywood rated Cipher "buy." It was then worth $13.28.