Fly News Breaks for January 7, 2020
Jan 7, 2020 | 12:31 EDT
Piper Sandler analyst Christopher Raymond believes Apellis' (APLS) PEGASUS study "falls short by a wide margin" of positioning APL-2 as a serious competitor to to Alexion's (ALXN) Soliris in a broad paroxysmal nocturnal hemoglobinuria population and he is "breathing a sigh of relief" with respect to his bullish thesis on the latter's shares. While the headline from the study points to statistical superiority versus Soliris, he sees little to worry about for Alexion's complement franchise and believes the larger question for Apellis remains if Hb change is an approvable endpoint. The PEGASUS trial missed non-inferiority on change in LDH levels, which was the primary endpoint for Alexion's C5 inhibitors, the analyst noted. Raymond, who views today's event as removing a key overhang for Alexion, keeps an Overweight rating on the shares with a $180 price target.
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