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Fly News Breaks for November 19, 2019
BBIO, EIDX
Nov 19, 2019 | 05:07 EDT
Piper Jaffray analyst Tyler Van Buren raised his price target for Eidos Therapeutics to $75 from $55 and reiterates an Overweight rating on the shares following the initial AG10 long-term outcomes data. The stock closed Monday up 18% to $55.02. After speaking with a key opinion leader, the analyst believes that BridgeBio (BBIO) and Eidos's AG10 appears superior to the anticipated blockbuster Vyndaqel/tafamidis. Van Buren says he's using a "conservative" one-times multiple on a 2030 AG10 sales estimate. He believes the ATTR cardiomyopathy market could grow to an eventual $5B-$10B opportunity as the pool of diagnosed patients expands several-fold. In addition, the new price target does not include a premium for a takeout, which is more likely following the AG10 data, Van Buren tells investors in a research note.
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