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ESTA

Establishment Labs

$22.80

-0.4 (-1.72%)

, AGN

Allergan

$146.77

-1.53 (-1.03%)

08:43
12/19/18
12/19
08:43
12/19/18
08:43

Establishment may benefit from Allergan breast implant issue, says Jefferies

Jefferies analyst Raj Denhoy noted that Allergan's (AGN) CE mark for textured breast implants was not renewed and the products can no longer be distributed in the EU and other markets, which he believes could benefit Establishment Labs (ESTA) given its better surface technology. Allergan's textured share in EU is a $100M opportunity, even a portion of which would be significant for Establishment considering a $60M forecast for 2018 revenues, said Denhoy. He keeps a Buy rating and $35 price target on Establishment Labs shares.

ESTA

Establishment Labs

$22.80

-0.4 (-1.72%)

AGN

Allergan

$146.77

-1.53 (-1.03%)

  • 05

    Jan

ESTA Establishment Labs
$22.80

-0.4 (-1.72%)

08/13/18
JEFF
08/13/18
INITIATION
Target $35
JEFF
Buy
Jefferies starts Establishment Labs with Buy rating, $35 target
Jefferies analyst Raj Denhoy initiated coverage of Establishment Labs with a Buy rating and $35 price target. With its Motiva implant, the company has "reimagined breast augmentation," Denhoy tells investors in a research note. The analyst models for annual revenue growth of 30% over the next five years. However, should the clinical data continue to be as good as the early results, the opportunity for Establishment Labs "to grow well beyond that is significant," Denhoy contends.
08/13/18
BTIG
08/13/18
INITIATION
Target $35
BTIG
Buy
Establishment Labs initiated with a Buy at BTIG
BTIG analyst Sean Lavin initiated Establishment Labs with a Buy rating and a price target of $35, saying he expects the company's Motiva portfolio to be a "channel disruptor" in the breast implant market given its "natural feel and impressive safety profile". The analyst expects Establishment Labs' "continued geographic expansion and momentum in Brazil" to produce above-average revenue growth in the near-term, while noting that the company's biggest risks are "competition and sustainability of exceptional outcomes".
08/14/18
08/14/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Hudbay Minerals (HBM) reinstated with a Neutral at BofA/Merrill. 2. Establishment Labs (ESTA) initiated with a Buy at BTIG and Jefferies and an Outperform at Cowen. 3. Yext (YEXT) initiated with a Buy at SunTrust. 4. Akebia (AKBA) initiated with an Outperform at Raymond James. 5. Replimune Group (REPL) was initiated with an Outperform at Leerink and BMO Capital as well as an Overweight at JPMorgan. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/18
BTIG
11/14/18
NO CHANGE
Target $40
BTIG
Buy
Establishment Labs price target raised to $40 from $35 at BTIG
BTIG analyst Sean Lavin raised his price target on Establishment Labs to $40 and kept his Buy rating after its Q3 revenue came in well above expectations. The analyst states the top-line strength was driven by the momentum in Brazil and the Scandinavian countries, with the company having accessed nearly a quarter of the former's plastic surgeons in just over a year of market presence. Lavin adds that Establishment Labs' gross margin of 62%, driven by manufacturing leverage and higher average selling price, was also a positive, even though he believes that the company can do even better over the coming "couple of quarters".
AGN Allergan
$146.77

-1.53 (-1.03%)

11/30/18
RBCM
11/30/18
NO CHANGE
Target $220
RBCM
Outperform
RBC shares investor frustration, but sees 'unlocked value' in Allergan
In a research note last night titled "Is it time for bold change at AGN? Investor frustration is high but value remains," RBC Capital analyst Randall Stanicky said he continues to see "significant unlocked value" in shares of Allergan. The analyst added that like many investors, he's frustrated. While it's easy to point to pipeline opportunity, after three years of underperformance, debate around whether it is time for bigger change has justifiably returned, Stanicky wrote. The reality, according to the analyst, is that both Allergan's pipeline and the potential push for a break-up "add optionality" on an "already compelling valuation." Amidst this backdrop, the analyst believes the focus on next week's conference update will be high. While there has been some positive evolution, like the board refresh and reduced focus on big acquisitions, the company's overall strategy is "unchanged and premised on investor appetite to own a platform comprised of various therapeutic assets combined via historical specialty pharma consolidation," says Stanicky. He believes investor frustration "is justified as is a sense of urgency to address performance." Nonetheless, the analyst's view on Allergan remains unchanged. He sees "attractive pipeline opportunity" with the greater value creation opportunity coming from a "more aggressive platform revisit/break-up." Both the potential for a strategic revisit and pipeline add to the stock's attractive risk/reward, contends Stanicky. Divesting Women's Health and/or Anti-infectives may seem incremental, but it would still be a "positive first step while a reversal in course would likely be a catalyst for greater investor frustration," Stanicky adds. The analyst kept an Outperform rating on Allergan with a $220 price target. The stock in midday trading is unchanged at $155.24.
12/03/18
PIPR
12/03/18
NO CHANGE
Target $65
PIPR
Overweight
Piper says buy Biohaven 'aggressively' after 'impressive' data
Biohaven Pharmaceutical (BHVN) this morning reported "impressive" topline data from the Phase III trial testing the Zydis orally dissolving tablet formulation of rimegepant, Piper Jaffray analyst Tyler Van Buren tells investors in a research note. The study not only achieved statistical significance on both co-primary endpoints, "but surprisingly" also demonstrated an "incredibly rapid" 15 minute onset of action, says the analyst. Further, he notes that Biohaven reported pooled safety data from what is now three Phase III rimegepant studies and that the candidate "continues to be safe and well tolerated" with no signal of liver toxicity. Van Buren believes the new data "definitely makes" rimegepant a superior product to Allergan's (AGN) ubrogepant and the "best-in-class" oral calcitonin gene-related peptide. He reiterates an Overweight rating on Biohaven with a $65 price target and recommends that investors buy the stock "aggressively."
12/12/18
STFL
12/12/18
NO CHANGE
Target $35
STFL
Buy
Synergy's GI assets 'fit squarely' into Bausch Health GI wheelhouse, says Stifel
Stifel analyst Annabel Samimy notes that Bausch Health (BHC) entered into a "stalking horse" bid to acquire through bankruptcy proceedings substantially all of Synergy Pharmaceutical's (SGYP) GI assets, which includes rights to Trulance/plecanotide, dolcanatide and its intellectual property. While still subject to competitive bids, these assets "fit squarely" into Bausch Health's GI wheelhouse, which would immediately leverage the company's sales and payer infrastructure and physician relationships in the space, the analyst contends. Though competitive with Allergan's (AGN) Linzess, Bausch Health has proven a strong player in the GI space and she thinks it is exactly the presence needed to optimize/maximize sales of Trulance, with its strong efficacy and tolerability profile. Samimy reiterates a Buy rating and $35 price target on Bausch Health's shares.
12/17/18
PIPR
12/17/18
NO CHANGE
Target $164
PIPR
Overweight
Shire approval another potential headwind for Allergan, says Piper Jaffray
Piper Jaffray analyst David Amsellem views Shire's (SHPG) FDA approval Friday for its 5-HT4 receptor agonist Motegrity in chronic idiopathic constipation as another potential headwind for Allergan's (AGN) Linzess. The headwind is not necessarily in terms of pressure on volumes, but more in terms of the potential for a more challenging payer environment, Amsellem tells investors in a research note. The analyst remains cautious on Allergan given his concerns regarding the trajectory of the commercial portfolio as well as its pipeline. Amsellem reiterates a Neutral rating on the stock with a $164 price target.

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