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BIIB

Biogen

$225.94

-3.11 (-1.36%)

, NVS

Novartis

$87.93

3.47 (4.11%)

14:25
05/24/19
05/24
14:25
05/24/19
14:25

Zolgensma label breadth on higher end of expectations, says Credit Suisse

Credit Suisse analyst Evan Seigerman noted that the FDA announced approval for Novartis' (NVS) Zolgensma for the treatment of Spinal Muscular Atrophy, or SMA, in patients with bi-allelic mutations in the SMN1 gene under 2 years of age. The current wholesale acquisition cost for Biogen's (BIIB) Spinraza equates to a per-year treatment cost of $500,000 for the first year loading phase and $250,000-$375,000 per year for maintenance thereafter, which compares to a WAC of $2.125M for Zolgensma, which is administered just once, noted Seigerman. While investors generally expected Zolgensma would be approved, the breadth of the label was on the higher end of expectations, Seigerman tells investors. The pricing and label support his below consensus view of Spinraza, as he continues to expect that Zolgensma will become the preferred first option for infant-onset type 1 SMA, said the analyst, who reiterates his $198 price target and Underperform rating on Biogen shares.

BIIB

Biogen

$225.94

-3.11 (-1.36%)

NVS

Novartis

$87.93

3.47 (4.11%)

  • 29

    May

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    May

  • 05

    Jun

BIIB Biogen
$225.94

-3.11 (-1.36%)

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.
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.
NVS Novartis
$87.93

3.47 (4.11%)

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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GOOG

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JWN

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-0.15 (-0.37%)

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Walmart

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BA

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$324.11

-7.89 (-2.38%)

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DQ

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SPOT

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UBSFY

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IMVT

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TBLT

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MYO

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  • 21

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SRRA

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SRNE

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AKER

Akers Biosciences

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ECA

Encana

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VOD

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, BT

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$0.00

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16:30
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Options
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