Aimmune weakness on ICER report a buying opportunity, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond attributes the 10% pullback in Aimmune shares to the publication by the Institute for Clinical and Economic Review, or ICER, of its final report on emerging desensitization treatments for peanut allergy. ICER advocates against oral immunotherapy in favor of avoidance, but Raymond said ICER's view "has been widely communicated and has changed little since last year and "ignores many key data points and perspectives." Despite ICER's stance, Raymond said his "firm belief" is that Aimmune has demonstrated AR101's clinical benefit "compellingly," that the company's Phase 3 package is approvable and the drug is set up to "enter a massive market by next year." He keeps an Overweight rating on the stock and views the weakness as an opportunity to buy.