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AMGN

Amgen

$192.37

-0.58 (-0.30%)

, NVS

Novartis

$94.25

-0.7 (-0.74%)

19:32
04/04/19
04/04
19:32
04/04/19
19:32

Piper Jaffray stays Overweight on Alder Biopharma, Amgen after Novartis filing

Piper Jaffray analyst Christopher Raymond maintains his Overweight rating on Alder Biopharma (ALDR) and Amgen (AMGN) after the filing by Novartis (NVS) alleging legal dispute with the latter about their migraine collaboration. The analyst says that Novartis tried to beat Amgen to the punch after entering agreement with Alder to manufacture eptinezumab, which prompted Amgen to terminate their commercialization agreement. Raymond adds that a resolution of this dispute could take a year or more but believes that investors may conclude that the spat reflects the value of anti-CGRP assets.

AMGN

Amgen

$192.37

-0.58 (-0.30%)

NVS

Novartis

$94.25

-0.7 (-0.74%)

ALDR

Alder Biopharmaceuticals

$13.33

-0.675 (-4.82%)

  • 04

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  • 08

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  • 10

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  • 30

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AMGN Amgen
$192.37

-0.58 (-0.30%)

04/02/19
PIPR
04/02/19
NO CHANGE
PIPR
Overweight
Inovio d-BiTEs news a 'significant pleasant surprise,' says Piper Jaffray
Piper Jaffray analyst Christopher Raymond said Inovio (INO) presented what he considers interesting, "albeit preclinical," data on DNA-encoded bispecific T-cell engagers, or "d-BiTEs," that could offer the advantages of Amgen's (AMGN) BiTE technology while "also offering what we see as an elegantly simple approach to addressing the inherent half-life challenges of current BiTE technology." Raymond said he did not expect that the company would be working on DNA-encoded bispecifics and called the announcement "a significant pleasant surprise" from the American Association for Cancer Research Annual Meeting. Raymond keeps an Overweight rating on Inovio shares.
03/15/19
03/15/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Simmons First National (SFNC) initiated with a Buy at DA Davidson. 2. Amgen (AMGN) and Gilead (GILD) initiated with an Outperform at BMO Capital. 3. Rocket Pharmaceuticals (RCKT) initiated with a Buy at BofA/Merrill. 4. Urovant Sciences (UROV) initiated with a Buy at SunTrust. 5. Spectrum (SPPI) assumed with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/14/19
BMOC
03/14/19
INITIATION
Target $228
BMOC
Outperform
Amgen initiated with an Outperform at BMO Capital
BMO Capital analyst Do Kim initiated Amgen with an Outperform and $228 price target. Kim views shares are undervalued, and said concerns over the declining legacy franchises have overshadowed the emergent early lifecycle commercial drugs and promising late- and early-stage pipeline. The analyst views Amgen as a core biotech holding, as a stable dividend and aggressive stock buybacks provide a defensive investment, with meaningful pipeline opportunities for long-term growth.
02/26/19
MSCO
02/26/19
NO CHANGE
Target $215
MSCO
Overweight
Morgan Stanley says Sanofi, Regeneron face 'uphill battle' in Amgen patent fight
After a Delaware district court ruled in favor of Amgen (AMGN) upholding the validity of patents on PCSK9 antibodies in litigation versus Sanofi (SNY) and Regeneron (REGN), Morgan Stanley analyst Matthew Harrison said he believes Sanofi and Regeneron face an "uphill battle" given this was the second district court trial to find in favor of Amgen. Harrison, who said he expects "no acute impact" to Amgen or Regeneron shares given the limited recent investor focus on PCSK9 uptake, keeps an Overweight rating on Amgen shares.
NVS Novartis
$94.25

-0.7 (-0.74%)

03/20/19
SBSH
03/20/19
NO CHANGE
SBSH
Bayer shares likely to remain 'depressed' pending trial success, says Citi
While sentiment will "clearly take a knock" at the second Roundup trial going against Bayer (BAYRY), both verdicts were delivered by juries in California and EUR 22B of litigation risk is already priced into the shares, Citi analyst Peter Verdult tells investors in a research note. The analyst says his legal checks continue to instruct him to be more focused on the upcoming Hall vs. Monsanto trial being held in St Louis from April 1. He says that verdict will better determine whether his estimate of a potential settlement liability of $1B-$6B needs to be refined. However, Bayer shares will "likely remain depressed" until there is evidence of the company prevailing in one or more of the six cases to go to trial in 2019, Verdult contends. He keeps a Buy rating on the stock but prefers other Pharma plays AstraZeneca (AZN), Sanofi (SNY), Novartis (NVS) and Merck (MRK).
02/20/19
MSCO
02/20/19
NO CHANGE
Target $215
MSCO
Overweight
Amgen could fall over 10% if Sandoz wins Enbrel IP case, says Morgan Stanley
Morgan Stanley analyst Matthew Harrison noted that a District Court verdict is expected some time in Q1 of 2019 on the ability of Novartis' (NVS) generics division Sandoz to launch their Enbrel biosimilar, Erelzi, which received FDA approval in mid-2016 but has been blocked by a preliminary injunction obtained by Amgen (AMGN). In a scenario where the court rules in favor of Amgen, he would expect upside of 3%-5% for Amgen shares and he would expect AbbVie (ABBV) to trade up 1%-2% in sympathy. If the court rules in favor of Sandoz, Harrison would expect downside of over 10% for Amgen and would expect AbbVie shares to trade down 6%-8%. If the companies announce a settlement, he would expect 1%-2% upside for Amgen and a minimal impact on AbbVie shares, Harrison tells investors. His base case view is that the ruling is likely to be in favor of Amgen, noted Harrison, who keeps an Overweight rating on Amgen.
02/25/19
BERN
02/25/19
NO CHANGE
BERN
Spark Therapeutics, Roche deal makes sense, says Bernstein
Bernstein analyst Vincent Chen notes that he has long seen Spark Therapeutics (ONCE) as a takeout candidate in gene therapy after the Wall Street Journal reported Roche (RHHBY) is near acquiring the company for close to $5B. The analyst thinks the deal makes sense as adding hemophilia gene therapy to Hemlibra sets up Roche as a leader in next-gen non-factor hemophilia drugs, CNS gene therapy pipeline is a good fit for Roche's growing neuroscience franchise, and as it serves as a cornerstone in establishing Roche as a gene therapy leader, to rival the likes of Novartis (NVS).
03/04/19
PIPR
03/04/19
NO CHANGE
PIPR
Piper Jaffray sees continued medical cannabis growth
Piper Jaffray analyst Michael Lavery writes that his discussions with a medical pain specialist in New York affirm his expectations of continued growth for medical cannabis, particularly as practitioners search for opioid alternatives. With over 30 U.S. states now in favor of medical use of marijuana, the analyst believes that the national prohibition will end in the next few years with the "STATES Act or federal legalization". Lavery is positive on Tilray (TLRY) and its partnership with Novartis (NVS) to develop and distribute medical cannabis products, keeping his Overweight rating and $90 price target on the shares. The analyst also calls GW Pharma (GWPH) a "trailblazer for developing cannabis-derived products for medical use", with its FDA-approved epidiolex cannabidiol product, keeping his Overweight rating and $195 price target on the stock. Lavery further maintains his Overweight rating and $60 price target on Canopy Growth (CGC) given its current valuation.
ALDR Alder Biopharmaceuticals
$13.33

-0.675 (-4.82%)

02/25/19
PIPR
02/25/19
NO CHANGE
Target $28
PIPR
Overweight
Piper Jaffray maintains positive view of Alder Biopharmaceuticals' eptinezumab
Piper Jaffray analyst Danielle Brill kept her Overweight rating and $28 price target on Alder Biopharmaceuticals after its Q4 results and update on eptinezumab this evening. The analyst maintains a positive view on the program and contends that "eptinezumab is the best suited agent for the most debilitated migraine patients", adding that the company could generate peak revenues of over $1B if it were to capture just the severe subset of patients.
11/28/18
PIPR
11/28/18
NO CHANGE
Target $28
PIPR
Overweight
Alder Biopharmaceuticals's epti to benefit from SubQ profile, says Piper Jaffray
Piper Jaffray analyst Danielle Brill kept her Overweight rating and $28 price target on Alder Biopharmaceuticals following her meeting with its CEO Robert Azelby. The analyst says that the discussion of the recent launch of competitor SubQ anti-CGRP mAbs for migraine prevention raised the profile of its eptinezumab, noting that "given epti's rapid onset of effect and deep magnitude of response, the company believes there will be demand" for epti. Brill still sees the program's BLA submission on track for Q1 of 2019 with the potential launch coming in Q1 of 2020.
11/06/18
11/06/18
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. Arcosa (ACA) initiated with a Buy at Gabelli. 2. Alder Biopharmaceuticals (ALDR) resumed with an Outperform at Wells Fargo. 3. Anaplan (PLAN) initiated with a Buy at Canaccord and Needham, an Overweight at Barclays and Piper Jaffray, an Outperform at JMP Securities, an In Line at Evercore ISI, an Equal Weight at Morgan Stanley, a Sector Weight at KeyBanc, and a Neutral at Goldman Sachs. 4. Equillium (EQ) initiated with a Buy at Stifel and Jefferies. 5. Badger Meter (BMI) initiated with a Buy at Maxim. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/06/18
WELS
11/06/18
INITIATION
Target $36
WELS
Outperform
Alder Biopharmaceuticals resumed with an Outperform at Wells Fargo
Wells Fargo analyst Jim Birchenough resumed coverage of Alder Biopharmaceuticals with an Outperform rating and $36 price target following review of Q3 operating results and ahead of expected BLA filing for novel CGRP antibody eptinezumab for migraine prevention. While commercial execution will be key, the analyst believes that differentiated delivery and reimbursement as well as key product attributes of greater speed and depth of response should support a significant opportunity and potentially attract large pharma/biotech interest.

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BCB Bancorp

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