Palomar price target raised to $57 from $48 at Keefe Bruyette. Keefe Bruyette analyst Meyer Shields raised his price target for Palomar Holdings to $57 from $48 and maintains an Outperform rating on the shares after meetings with investors. The analyst thinks Palomar's "unusual (for P&C insurers) combination" of upper-teens return on equity and "very strong top-line" growth prospects warrant an above-average forward earnings multiple.

Arrowhead price target raised to $80 from $72 at Piper Jaffray. Piper Jaffray analyst Edward Tenthoff raised his price target for Arrowhead Pharmaceuticals to $80 from $72 and reiterates an Overweight rating on the shares. Arrowhead expects to have three pivotal Phase III trials underway in 2020, and the company has pro forma cash of $554M to advance its wholly-owned TRiM pipeline, Tenthoff tells investors in a research note.

Argenx price target raised to $170 from $154 at Stifel. Stifel analyst Derek Archila raised his price target for Argenx to $170 from $154 and reiterates a Buy rating on the shares after attending the company's key onion leader event last week. Argenx highlighted strong biological rationale for developing efgartigimod in chronic inflammatory demyelinating polyneuropathy, Archila tells investors in a research note. He believes the company's Phase 2/3 study design not only allows for "rapid de-risking" of efgartigimod in this indication, but also enriches the study increasing its probability of success.

Agios' initial mitapivat beta thal update 'very encouraging,' says Piper Jaffray. Piper Jaffray analyst Tyler Van Buren said the initial 88% response rate reported by Agios Pharmaceuticals in its study of mitapivat in non-transfusion dependent beta thal patients was "very encouraging." Though it is early, mitapivat "now appears to be a competitive oral agent for beta thal" and the probability of success in sickle cell disease, which could result in a value five times greater than beta thal, has now increased as well, Van Buren tells investors. He reiterated his Overweight rating on Agios shares following the company's ASH meeting presentation.

Piper says 'jury still out' on Blueprint Medicines' avapritinib after ASH data. Piper Jaffray analyst Christopher Raymond noted that Blueprint Medicines reported initial data from its PIONEER Phase 2 study of avapritinib in indolent systemic mastocytosis, or ISM, along with additional data from EXPLORER, its Phase 1 study of avapritinib in advanced SM, or ASM, at this weekend's ASH meeting. While "bulls can take comfort from PIONEER's safety update," Raymond said the "jury is still out, especially in ISM," given that Blueprint provided no improvements in symptomatic scores despite a median 12-week follow up. Raymond keeps a Neutral rating on Blueprint Medicines shares.

FT500 data validates Fate Therapeutics' platform, says Piper Jaffray. Piper Jaffray analyst Edward Tenthoff called the NK cell FT500 data reported this weekend at the ASH meeting by Fate Therapeutics "platform validating," adding that in addition to the efficacy reported to date that the safety remains "exceptionally clean." The company also reported "surprise early FT516 data," noted Tenthoff, who pointed out that both iPSC NK cell therapies have exhibited a clean safety profile. He maintains an Overweight rating and $28 price target on Fate shares.

Argenx data on cusatuzumab 'continues to impress,' says Piper Jaffray. Piper Jaffray analyst Edward Tenthoff said Argenx (ARGX) "continues to impress" with the Phase I data on cusatuzumab in combination with azacitidine in newly diagnosed AML patients presented at the ASH meeting this weekend. Argenx has received the first $25M milestone of up to $1.3B it is eligible for under Janssen (JNJ) licensing agreement, noted Tenthoff, who added that argenx retains a 50/50 U.S. profit share on the drug. He reiterated his Overweight rating and $177 price target on Argenx shares following the medical meeting.

Piper says Bluebird's bb2121 'clearly approvable,' but competition heating up. Piper Jaffray analyst Tyler Van Buren said the topline results presented by Bluebird Bio (BLUE) at ASH from the KarMMa trial are "impressive in these very sick patients" and he believes that the drug is "clearly approvable." However, he also said that the JNJ-4528 Legend data presented by Johnson & Johnson's (JNJ) Janssen "appears very competitive," adding that "we would be remiss if we didn't mention the continued deluge of anti-BCMA antibody data" from competitors including Amgen (AMGN), Bristol-Myers (BMY) and Regeneron (REGN). Van Buren keeps a Neutral rating on Bluebird Bio shares, citing valuation as well as his view on long-term competitive pressures.