Aimmune should be bought on any weakness from NEJM letter, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond tells investors to buy shares of Aimmune Therapeutics on any weakness after a letter to the editor published in this week's New England Journal of Medicine questioned the safety of AR101. The analyst views the letter as "clearly biased" and notes it "purposely" conflates AR101 with "unrelated, and irrelevant" oral immunotherapy approaches. Moreover, a little digging shows the author of the letter has ownership interest in Prota Therapeutics, an oral immunotherapy competitor to AR101, which "should have received more consideration by NEJM reviewers in the first place," Raymond tells investors in a research note. "That this bias was seemingly ignored, allowing a clearly misleading letter such as this to be published raises what we see as serious questions regarding NEJMs editorial process," adds the analyst. As such, he views the letter as "nothing more than noise." Raymond keeps an Overweight rating on Aimmune with a $60 price target.