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Fly News Breaks for August 12, 2019
NVS, AMGN, CHRS
Aug 12, 2019 | 07:15 EDT
Barclays analyst Balaji Prasad recommends buying shares of Coherus Biosciences (CHRS) on any weakness from Amgen's (AMGN) favorable Enbrel patent ruling against Novartis (NVS). Coherus is developing its own Enbrel generic, says the analyst, whose model already factors a launch in Q2 of 2029, following the expiration of the last U.S. Enbrel patent. As such, Prasad is making no change to his estimates following Friday's decision. He remains positive on Coherus and would use any share weakness as an opportunity to add a "fundamentally sound company." Prasad reiterates an Overweight rating on the shares with a $31 price target.
News For CHRS;AMGN;NVS From the Last 2 Days
AMGN
Mar 26, 2024 | 07:08 EDT
JPMorgan estimates Amgen (AMGN) without its obesity pipeline is worth $240-$250 per share and that the market is assigning $30-$40 per share of value to Maritide. While the competitive bar for Maritide is high and moving higher based on Novo Nordisk's (NVO) recent pipeline updates, the obesity market is also "unprecedented in terms of size," the analyst tells investors in a research note. The firm estimates peak sales for Maritide of $6B, equating to mid-single-digit share within the incretin space. JPMorgan believes this supports a value roughly in-line with what is reflected in Amgen's current share price. It sees a positive risk/reward scenario given the recent pullback but maintains a Neutral rating on the name with a $290 price target. The firm says Amgen is viewed as the best positioned name beyond Eli Lilly (LLY) and Novo to have a role in the obesity space.