Piper sees potential pressure for Allergan's Botox in chronic migraine
Piper Jaffray analyst David Amsellem says his firm's "brief" survey of 25 migraine specialists who use Allergan's Botox in their chronic migraine patients shows a "significant chunk" of respondents perceive an efficacy advantage for the anti-CGRP monoclonal antibodies. The specialists plan to use the anti-CGRP monoclonal agents more frequently than they use Botox, Amsellem tells investors in a research note. He believes the feedback points to the potential for pressure on Botox in chronic migraine. Amsellem believes this dynamic is another reason for his "high level of caution" in Allergan shares. The analyst reiterates a Neutral rating on name with a $227 price target.