After a "volatile" 2019, the biotech group is heading into 2020 with positive momentum, analysts at JPMorgan tells investors in a research note. Receding concerns about the potential for healthcare reform, coupled with an uptick in acquisitions, drove a Q4 rally, according to the analysts. They see "multiple signs for optimism" regarding the sustainability of the rally into 2020. JPMorgan's top picks in Biotech are BioMarin (BMRN), Vertex (VRTX), Apellis (APLS), MyoKardia (MYOK), Ascendis Pharma (ASND) and Karyopharm (KPTI). Other names to consider, says the analysts, are Acadia (ACAD), Gilead (GILD), United Therapeutics (UTHR), Bluebird Bio (BLUE) and Sage Therapeutics (SAGE).

Canaccord analyst Whitney Ijem lowered the firm's price target on BioMarin to $89 from $91 and keeps a Hold rating on the shares. The firm noted investor focus remains on the bigger announcements/greater clarity that is expected at the company's September investor day rahter than the day's headline surrounding Roctavian struggles and the company's trimmed pipeline expenses.

Apellis Pharmaceuticals announced that the European Medicines Agency has reset the review of the marketing authorization application for intravitreal pegcetacoplan for geographic atrophy to the last phase of the initial assessment. The procedure is expected to be led by the original rapporteurs, and EMA has stated their intent to convene a new expert group meeting. Apellis anticipates an opinion from the Committee for Medicinal Products for Human Use no later than July 2024. The update follows the judgment by the Court of Justice of the European Union on March 14, 2024, which ruled on the organization of EMA's expert groups. The judgment has implications on EMA's policy for handling competing interests of experts. This decision by EMA is strictly procedural in response to the CJEU judgment and is not related to the pegcetacoplan data package. Apellis will continue to work closely with EMA on the review of the pegcetacoplan marketing application.

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Consensus $3.67. Sees FY24 product sales $27.1B-$27.5B.

Reports Q1 revenue $6.7B, consensus $5.92B. "Gilead delivered another strong quarter of revenue growth in the first quarter with 6% year-over-year growth in our base business driven by HIV, Oncology and Liver Disease," said Daniel O'Day, Gilead's Chairman and Chief Executive Officer. "The acquisition of CymaBay brings us another potentially transformative therapy for people with liver disease, and a regulatory decision on seladelpar is expected in August. New HIV data demonstrates the continued progress in our long-acting HIV pipeline, and we look forward to providing updates on this and our broad Oncology portfolio throughout the rest of 2024."

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.

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Consensus for FY24 EPS is $1.65. Still sees FY24 revenue $2.7B-$2.8B, consensus $2.77B.

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."