The FDA's acceptance of Aimmune Therapeutics' Biologics License Application for AR101 is "clearly derisking," but the standard 12-month review period is "clearly at odds" with the drug's Breakthrough Therapy and Fast Track Designation, Piper Jaffray analyst Christopher Raymond tells investors in a research note. The analyst, however, says he never modeled commercialization before Q1 of 2020, and as such views timing as in-line with his model. Further, the analyst points out that the indicated advisory committee to review the filing has long been expected and "should surprise no one." Raymond keeps an Overweight rating on Aimmune shares with a $60 price target.