Fly News Breaks for February 3, 2020
Feb 3, 2020 | 13:24 EDT
Wedbush analyst Liana Moussatos raised price target for Aimmune Therapeutics (AIMT) to $81 from $79 after the FDA on Friday approved Palforzia as a treatment for peanut allergy. The issued label comes with a black box warning, consistent with all immunotherapies indicated to treat allergic conditions, and as expected Palforzia is available through a Risk Evaluation and Mitigation Strategy program, Moussatos tells investors in a research note. The analyst projects the treatment could achieve $1.1B in annual sales worldwide starting in 2023 but admits securing payer coverage "may take time." Moussatos raised her multiple for Palforzia to 10 times from eight times to reflect the FDA approval and near-term U.S. launch. She reiterates an Outperform rating on Aimmune, whose shares are up 7% to $33.13 in afternoon trading.
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