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Fly News Breaks for December 20, 2019
MYOK
Dec 20, 2019 | 06:32 EDT
Citi analyst Mohit Bansal raised his price target for MyoKardia to $87 from $70 and keeps a Buy rating on the shares. The analyst thinks the EXPLORER data is "de-risked" and that MyoKardia is a "compelling story" in 2020. He sees $19 to $41 of share upside on success of PIONEER trial, which is expected in Q2 of 2020. On failure, the stock could trade closer to cash value of $10-$11 per share because mavacamten is the core asset, Bansal tells investors in a research note. The analyst is a buyer of the stock into the date as he thinks the likelihood of success is high.Post the EXPLORER data, MyoKardia could be a takeout candidate, says Bansal, who pegs the company's M&A value at $127 to $149 per share. MyoKardia is one of his top picks for 2020.
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