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IONS

Ionis Pharmaceuticals

$67.35

0.215 (0.32%)

, BIIB

Biogen

$229.80

0.75 (0.33%)

13:01
05/24/19
05/24
13:01
05/24/19
13:01

Ionis, Biogen slip after FDA approves Novartis' Zolgensma for SMA treatment

Shares of Ionis Pharmaceuticals (IONS) and Biogen (BIIB) are both moving lower in afternoon trading after Novartis (NVS) announced that Zolgensma was just approved by the FDA for the treatment of pediatric patients less than 2 years of age with spinal muscular atrophy, or SMA, with bi-allelic mutations in the survival motor neuron 1 gene. Morgan Stanley analyst Matthew Harrison previously has noted that Biogen's Spinraza had been the only approved drug for SMA and represents 17% of Biogen's estimated 2019 sales. Ionis receives royalties from Biogen for Spinraza. Harrison's base case assumption is that Zolgensma will ultimately capture the majority market share in type 1 patients and a "significant portion" of type 2, or pediatric, patients, he has told investors in a prior research note. Following the announcement of the FDA approval of Zolgensma, Ionis shares are down $1.83, or 3%, to $65.31, while Biogen shares are down $1.55, or 0.7%, to $227.56.

IONS

Ionis Pharmaceuticals

$67.35

0.215 (0.32%)

BIIB

Biogen

$229.80

0.75 (0.33%)

NVS

Novartis

$87.21

2.75 (3.26%)

  • 29

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IONS Ionis Pharmaceuticals
$67.35

0.215 (0.32%)

05/24/19
PIPR
05/24/19
NO CHANGE
Target $75
PIPR
Neutral
Piper 'incrementally more positive' on Ionis after management meetings
Piper Jaffray analyst Tyler Van Buren says he's "incrementally more positive" on shares of Ionis Pharmaceuticals after hosting meetings with management. The company is in a "healthy and very rare" financial position relative to other mid-cap biotechs with ongoing profitability, $2.3B in cash, and nearly $400M in "durable" annual research and development revenues that offset R&D expenses, Van Buren tells investors in a research note. This provides Ionis valuation support, long-term stability, and allows for value creation on a "step-function basis" as each additional clinical asset becomes de-risked, adds the analyst. Van Buren keeps a Neutral rating on the shares with a $75 price target.
05/07/19
PIPR
05/07/19
NO CHANGE
Target $142
PIPR
Overweight
Piper more confident in estimates for Alnylam's Onpattro after doctor survey
Piper Jaffray analyst Edward Tenthoff reiterates an Overweight rating on Alnylam Pharmaceuticals (ALNY) with a $142 price target after surveying 16 physicians treating 490 hereditary transthyretin amyloidosis patients with polyneuropathy. Doctors have a "clear preference" for Alnylam's Onpattro over Onpattro and Ionis Pharmaceuticals' (IONS) Tegsedi, with efficacy, safety, and experience being cited, Tenthoff tells investors in a research note. Roughly two-thirds of existing and new gene silencer patients are prescribed Onpattro, says the analyst. Based on the survey results, the analyst is increasingly confident in his 2019 Onpattro sales estimates of $127M.
05/07/19
MSCO
05/07/19
NO CHANGE
MSCO
Biogen could rise, or fall, 5% based on Zolgensma label, says Morgan Stanley
Morgan Stanley analyst Matthew Harrison noted that Novartis' (NVS) gene therapy for the rare disease spinal muscular atrophy, Zolgensma, is expected to be approved by the FDA this month. He also noted that Biogen's (BIIB) Spinraza is currently the only approved drug for SMA and represents 17% of Biogen's estimated 2019 sales. The public data for Novartis' Zolgensma are only in type 1 patients, or infants, said Harrison, who sees three potential scenarios for the drug's label. In the first, which would involve broad approval across the three patient classes of infants, children and adults, Harrison thinks Novartis shares could be up 1-2%, Biogen could fall about 5%, Ionis (IONS), which receives royalties from Biogen, could be down about 10%, and Regenxbio (RGNX), which will receive royalties from Novartis, could be up 10-15% or more. In the second case, where Zolgensma is granted a Type 1 approval with no restriction, Harrison sees Novartis unchanged, Biogen down 1-3%, Ionis falling 3-5% and Regenxbio rising 5%. In the third scenario, where Zolgensma gets a Type 1 approval but with a weight/age restriction, the analyst thinks Novartis would be down 1-2%, Biogen would be up 2-3%, Ionis could rise 5% and Regenxbio could fall 5-10%. Harrison's base case assumption is that Zolgensma will ultimately capture the majority market share in type 1 patients and a "significant portion" of type 2, or pediatric, patients.
05/09/19
PIPR
05/09/19
NO CHANGE
Target $75
PIPR
Neutral
Ionis Pharmaceuticals shares 'more interesting on pullback', says Piper Jaffray
Piper Jaffray analyst Tyler Van Buren kept his Neutral rating and $75 price target on Ionis Pharmaceuticals after its Q1 results with Spinraza royalties and Tegsedi sales seen "in line with expectations". The analyst believes that the company's pipeline is maturing as it gets ready to launch Waylivra in Europe next quarter and also sees its Huntington's OLE continuing to progress. Van Buren contends that Ionis Pharmaceuticals stock is "becoming more interesting" from a long term investment perspective given the recent pullback in price.
BIIB Biogen
$229.80

0.75 (0.33%)

05/22/19
05/22/19
UPGRADE

Citi assumes coverage of large-cap biotech, upgrades Amgen and Gilead
Citi analyst Mohit Bansal assumed coverage of large-cap biotech stocks, assuming coverage with five Buy ratings -- Amgen (AMGN), Alexion Pharmaceuticals (ALXN), Vertex Pharmaceuticals (VRTX), Gilead Sciences (GILD), and BioMarin Pharmaceutical (BMRN) -- and two Neutral ratings -- Biogen (BIIB) and Regeneron Pharmaceuticals (REGN). Both Amgen and Gilead were upgraded to Buy from Neutral as part of the assumption of coverage. The analyst said he is "more optimistic" on the sector as a whole as he sees many biotechs going "back to basics" by investing in their internal pipelines and filling their pipelines with early stage assets. He suggests looking at large caps again, as many are returning to stability and growth. Bansal does not favor large M&A, suggesting discipline due to "realizing value with big M&As."
05/23/19
05/23/19
INITIATION
Target $231

Neutral
Biogen initiated with a Neutral at Wedbush
As previously reported, Wedbush analyst Laura Chico started Biogen with a Neutral rating and a $231 price target. The analyst says the company is "at a crossroads" as it looks to move on from its recent aducanumab Alzheimer's disease setback, noting that few of its early-stage pipeline assets appear to be positioned to make a near-term impact on its top line. Chico further warns that inter partes review of Biogen's Tecfidera patent could lead to generic competition sooner than expected.
05/20/19
FBCO
05/20/19
INITIATION
FBCO
Underperform
Biogen initiated with an Underperform at Credit Suisse
Credit Suisse analyst Evan Seigerman initiated Biogen with an Underperform rating and $198 price target, saying that "life beyond aducanumab will likely remain challenging for Biogen" with the company's core base business "likely to decline in the near term with a weak pipeline that will not likely be able to yield revenue and earnings growth." While Seigerman said that Biogen's MS business is stable, he noted that headwinds are mounting.
05/22/19
WEDB
05/22/19
INITIATION
Target $231
WEDB
Neutral
Biogen initiated with a Neutral at Wedbush
Wedbush analyst Laura Chico started Biogen with a Neutral rating and $231 price target.
NVS Novartis
$87.21

2.75 (3.26%)

05/13/19
WELS
05/13/19
NO CHANGE
WELS
Lawsuit against Teva, others to hit generic drug stocks, says Wells Fargo
Wells Fargo analyst David Maris believes the lawsuit by 44 states against 20 generic drugmakers will weigh on generic drug stocks this week and remain an "overhang issue for some time." Actual penalties and damages are impossible to calculate, but could be material, Maris tells investors in a research note. The analyst spoke to the Connecticut attorney general's office this morning and learned they are preparing for trial in these cases. Language the attorney general has used, such as "unprecedented" and his desire to clawback all gains from collusion, should be indicative of the states' intent, Maris writes. He believes that for a sector that is generally highly levered, and with some companies named already facing an overhang from opioid litigation like Teva (TEVA), this is "especially unwelcome news."
05/17/19
FBCO
05/17/19
NO CHANGE
Target $68
FBCO
Outperform
Alcon off to 'solid start' post-Novartis spin, says Credit Suisse
Credit Suisse analyst Matt Miksic reiterated an Outperform rating on Alcon (ALC) and raised his price target to $68 from $66 following the company's quarterly results, saying Alcon is off to a "solid start" following the spinoff from Novartis (NVS), and says he is incrementally more bullish on the company's revenue and growth drivers.
05/20/19
RBCM
05/20/19
NO CHANGE
RBCM
RBC says posting hints at Zolgensma label potentially positive for PTC, Biogen
RBC Capital analyst Brian Abrahams noted a new posting on ClinicalTrials.gov that he said "looks like" an expanded access program for Zolgensma that he believes could possibly offer some hints as to the potential label under discussion with the FDA. The most interesting parts are the inclusion criteria, which he thinks could "represent a middle ground" in terms of the breadth of label Novartis (NVS) could obtain for the drug. If the posting is predictive of Zolgensma's initial label, he said he would see it as an incremental positive for Biogen (BIIB), as it would potentially reduce the worst-case scenario of Zolgensma being approved with no age or weight restrictions. It would also be an incremental positive for PTC Therapeutics (PTCT), which Abrahams noted is looking to enter the space.
05/20/19
FBCO
05/20/19
INITIATION
Target $336
FBCO
Neutral
Regeneron initiated with a Neutral at Credit Suisse
Credit Suisse analyst Evan Seigerman started Regeneron Pharmaceuticals (REGN) with a Neutral rating and $336 price target. The analyst is concerned that Eylea could face "increasing headwinds" with the upcoming launch of Novartis' (NVS) brolucizumab. Further, he believes consensus estimates for the Sanofi (SNY) collaboration may be too high.

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