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Fly News Breaks for October 22, 2015
PTCT, SRPT, BMRN
Oct 22, 2015 | 06:40 EDT
Piper Jaffray analyst Joshua Schimmer says any confidence in potential FDA approvals of BioMarin's (BMRN) and Sarepta's (SRPT) treatments for Duchenne's Muscular Dystrophy is misplaced. These drugs appear to have modest, or possibly no, clinical benefit and are not without safety risk, Schimmer tells investors in a research note. The analyst points out, however, that the unmet need for new drugs to treat DMD is "exceptional" and the pressure on the FDA to approve a candidate is "intense." Schimmer currently models worldwide sales of BioMarin's drisapersen to reach $800M by 2020 after a launch in 2016. The drug accounts for $51 or the analyst's $168 price target for the stock. He keeps an Overweight rating on the name. Schimmer also has an Overweight rating on Sarepta with a $48 price target. He expects shares of both companies to be volatile into the Advisory Committee meetings and subsequent FDA action dates. For BioMarin, Schimmer sees potential downside of 20% and potential upside of 40% on the FDA's decision. For Sarepta, he sees potential downside of 70% and potential upside of 200% on the FDA's decision. The FDA panel on BioMarin's drisapersen is scheduled for November 24 while the panel for Sarepta's eteplirsen is scheduled for January 22. PTC Therapeutics (PTCT) is also developing a treatment for DMD.
News For BMRN;SRPT;PTCT From the Last 2 Days
BMRN
Apr 25, 2024 | 09:31 EDT
Scotiabank raised the firm's price target on BioMarin to $85 from $83 and keeps a Sector Perform rating on the shares following model adjustments. While the company's enzyme business remains stable, in-line Voxzogo results and a struggling Roctavian franchise has led the firm to maintain its rating on the stock.
BMRN
Apr 24, 2024 | 18:48 EDT
Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSImpinj (PI) up... To see the rest of the story go to thefly.com. See Story Here
BMRN
Apr 24, 2024 | 16:08 EDT
Consensus for FY24 EPS is $1.65. Still sees FY24 revenue $2.7B-$2.8B, consensus $2.77B.
BMRN
Apr 24, 2024 | 16:05 EDT
Reports Q1 revenue $649M, consensus $651.79M. "During the quarter, execution across our business led to double digit revenue growth, on a constant currency basis, and an 18% increase in non-GAAP diluted EPS. At the same time, we made rapid progress on advancing our strategic priorities for the year, including accelerating and maximizing the VOXZOGO opportunity, focusing R&D on the most productive assets, and increasing profitability," said CEO Alexander Hardy. "We were pleased with the outcome of our strategic R&D asset review, resulting in the acceleration and prioritization of the most potentially impactful medicines for patients...Quarterly results were driven by strong demand for VOXZOGO, the only approved treatment for children with achondroplasia, and solid contributions from our established enzyme products...Our registration-enabling plans with VOXZOGO in hypochondroplasia, and ongoing discussions with health authorities to align on development plans for idiopathic short stature and pathway conditions are on-track, with all three studies expected to begin enrollment this year."