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CHRS

Coherus Biosciences

$19.16

-0.56 (-2.84%)

, AMGN

Amgen

$196.31

10.98 (5.92%)

07:15
08/12/19
08/12
07:15
08/12/19
07:15

Coherus should be bought on weakness from Enbrel ruling, says Barclays

Barclays analyst Balaji Prasad recommends buying shares of Coherus Biosciences (CHRS) on any weakness from Amgen's (AMGN) favorable Enbrel patent ruling against Novartis (NVS). Coherus is developing its own Enbrel generic, says the analyst, whose model already factors a launch in Q2 of 2029, following the expiration of the last U.S. Enbrel patent. As such, Prasad is making no change to his estimates following Friday's decision. He remains positive on Coherus and would use any share weakness as an opportunity to add a "fundamentally sound company." Prasad reiterates an Overweight rating on the shares with a $31 price target.

CHRS

Coherus Biosciences

$19.16

-0.56 (-2.84%)

AMGN

Amgen

$196.31

10.98 (5.92%)

NVS

Novartis

$90.83

-0.35 (-0.38%)

  • 09

    Sep

  • 16

    Sep

  • 25

    Sep

CHRS Coherus Biosciences
$19.16

-0.56 (-2.84%)

06/11/19
LEHM
06/11/19
INITIATION
Target $30
LEHM
Overweight
Coherus Biosciences initiated with an Overweight at Barclays
Barclays analyst Balaji Prasad started Coherus Biosciences with an Overweight rating and $30 price target. The analyst launched coverage of 20 U.S. Specialty Pharmaceuticals with a Neutral industry view. He placed importance on cash flows and companies' ability to manage leverage and improve balance sheets.
07/09/19
LEHM
07/09/19
NO CHANGE
Target $31
LEHM
Overweight
Coherus Biosciences selloff yesterday a buying opportunity, says Barclays
Barclays analyst Balaji Prasad recommends using the pullback yesterday in shares of Coherus Biosciences as a buying opportunity. The analyst raised his price target for the stock to $31 from $30 and reiterates an Overweight rating on the name. Prasad had expected "strong" Udenyca trends throughout 2019 and says yesterday morning's preannouncement re-affirms his view. The negative stock reaction implies higher market expectations likely on extrapolating Symphony data, the analyst tells investors in a research note. However, he believes Coherus is a "fundamentally sound company delivering strong growth."
07/08/19
JPMS
07/08/19
NO CHANGE
JPMS
Overweight
Coherus selloff unwarranted following Udencya pre-announcement, says JPMorgan
JPMorgan analyst Christopher Schott noted that Coherus Biosciences pre-announced Q2 Udenyca sales that were well above consensus expectations in the mid-$40M range, though modestly below his prior estimate of $91M. The preannouncement also suggested slightly higher discounting relative to Symphony sales trends than in Q1, but he does not see this as "particularly concerning," said Schott. The analyst, who called the selloff in shares not warranted following the pre-announcement, maintains an Overweight rating on Coherus shares, which are down $3.39, or 15%, to $19.35 in late morning trading.
06/21/19
LEHM
06/21/19
NO CHANGE
Target $30
LEHM
Overweight
Coherus Biosciences is in 'a league of its own,' says Barclays
After hosting a meeting with management, Barclays analyst Balaji Prasad says Coherus Biosciences is in "a league of its own, having cracked the commercial code." The analyst now has greater confidence in his projected 22% annual Udenyca sales growth through 2023. He expects Udenyca to reach $400M-plus in 2023 and reiterates an Overweight rating on Coherus shares with a $30 price target. The company's additional pipeline opportunities are also underappreciated, Prasad tells investors in a research note.
AMGN Amgen
$196.31

10.98 (5.92%)

07/23/19
PIPR
07/23/19
NO CHANGE
PIPR
Piper says new bill could eliminate 'massive overhang' on Regeneron, Amgen
The Prescription Drug Pricing Reduction Act, also called the Grassley Wyden Bill, introduced in the Senate today is "conspicuously missing" any language around an international pricing index, noted Piper Jaffray analyst Christopher Raymond. The specter of an international pricing index has been one of the most important overhangs on the sector, and on Medicare Part B-exposed businesses, such as Regeneron (REGN) and Amgen (AMGN), specifically, said Raymond. If the bill gains House and White House support, he expects the biotech sector and those stocks to rally, Raymond added.
07/31/19
JEFF
07/31/19
NO CHANGE
Target $230
JEFF
Buy
Amgen shares worth over $200 if Enbrel patents hold up, says Jefferies
Amgen's results continue to be "relatively managed" between new products and a declining legacy business, Jefferies analyst Michael Yee tells investors in a research note. Assuming Enbrel's intellectual property holds up, price-to-earnings multiple expansion should drive the stock above $200 as new blockbusters likely drive upside estimate revisions, contends Yee. He sees Amgen shares as "bit binary short-term" on the looming Enbrel patent decision but believes the risk/reward is better than consensus expectations. Further, Yee sees upside to consensus if AMG-510 KRAS "continues to play out." He keeps a Buy rating on Amgen with a $230 price target.
08/10/19
PIPR
08/10/19
NO CHANGE
Target $210
PIPR
Overweight
Amgen wins 'big' in courtroom, Enbrel overhang removed, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond reiterates an Overweight rating and a $210 price target on Amgen's (AMGN) shares following news that the company has won the Enbrel IP litigation with challenger Sandoz. The analyst notes that this challenge could have pulled forward Enbrel's LOE from 2029 to essentially right now, which has been the number 1 concern surrounding the stock. With shares up about 6% on this news, Raymond sees the reaction as appropriate and, while the stock is approaching his target at these levels, he believes shares are likely to grind higher on this removed overhang. Sandoz is a division of Novartis (NVS).
08/12/19
SBSH
08/12/19
NO CHANGE
SBSH
Amgen a 'cleaner' story with Enbrel overhang removed, says Citi
Citi analyst Mohit Bansal says the favorable Enbrel patent ruling makes Amgen a "cleaner biotech story." This was a key overhang on Amgen, and the removal could let investors become more constructive on the company's pipeline, Bansal tells investors in a research note. Further, the analyst thinks Amgen's legacy business decline is now approaching an inflection point where other products could offset it. He keeps a Buy rating on Amgen shares.
NVS Novartis
$90.83

-0.35 (-0.38%)

07/23/19
RILY
07/23/19
UPGRADE
Target $1.1
RILY
Neutral
B. Riley FBR upgrades Adamis to Neutral, keeps $1.10 price target
As previously reported, B. Riley FBR analyst Andrew D'Silva upgraded Adamis Pharmaceuticals (ADMP) to Neutral from Sell after the stock declined to his $1.10 price target, which he maintains. He continues to worry that the PDUFA date for its naloxone candidate could be delayed and expects a slower than initially expected ramp up for its EpiPen alternative that is marketed by Novartis' (NVS) Sandoz unit, D'Silva tells investors.
07/26/19
ADAM
07/26/19
NO CHANGE
Target $37
ADAM
Buy
Homology Medicines selloff yesterday a buying opportunity, says Canaccord
Canaccord Genuity analyst Michelle Gilson attributes the selloff yesterday in shares of Homology Medicines (FIXX) to a pre-printed, and not peer-reviewed, paper that did not support the company's in vitro data around HR-mediated gene editing. The paper's author, who has previously worked with Sangamo Therapeutics (SGMO) on ZFN-mediated editing, was unable to induce homologous recombination without a nuclease, Gilson tells investors in a research note. "It is tough to understand why an author would choose this route of publication for a study of this nature," says the analyst. She sees "several key differences" between the author's and Homology's in vitro experiments. Further, Homology's technology has been externally validated, allowing Novartis (NVS) and other labs to perform their own in-house experiments using Homology plasmids, Gilson contends. She adds that following this validation, Novartis entered into a collaboration specifically revolving around Homology's gene editing technology for ophthalmic targets. The analyst keeps a Buy rating on Homology Medicines with a $37 price target. Gilson views the selloff in the shares as a buying opportunity into the Phase 1/2 pheNIX data by the end of 2019 for HMI-102 gene therapy in phenylketonuria.
07/23/19
ARGS
07/23/19
NO CHANGE
Target $105
ARGS
Buy
Novartis price target raised to $105 from $92 at Argus
Argus analyst John Eade raised his price target on Novartis to $105 and kept his Buy rating after its Q2 earnings beat and raised guidance, saying the stock has traded with strong momentum, rising 25% over the past quarter. The analyst expects the "deep drug pipleline" at Novartis to support its long term growth, noting that its premium relative valuation multiple reflects its strong performance. Eade further points to the expected pricing power benefits of the company's new drugs targeting "critical areas" such as coronary disease, oncology and gene therapy.

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LVGO

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ACM

Aecom

$32.97

0.53 (1.63%)

06:38
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HCAT

Health Catalyst

$42.50

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06:37
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NYNY

Empire Resorts

$8.35

-0.145 (-1.71%)

06:37
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DECK

Deckers Brands

$134.33

1.39 (1.05%)

06:36
08/19/19
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HCAT

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  • 22

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WLL

Whiting Petroleum

$8.61

0.36 (4.36%)

06:30
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ARCC

Ares Capital

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CTVA

Corteva

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PROS

ProSight

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AAPL

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POL

PolyOne

$31.01

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  • 23

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AMZN

Amazon.com

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ARMK

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AMGN

Amgen

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POL

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  • 23

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CNHI

CNH Industrial

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