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Fly News Breaks for May 21, 2019
BCRX
May 21, 2019 | 11:18 EDT
After BioCryst announced that the Phase 3 APeX-2 trial of oral BCX7353 for the prevention of hereditary angioedema, or HAE, attacks achieved its primary endpoint, Piper Jaffray analyst Tyler Van Buren noted that the 44% attack reduction observed came in below expectations of greater than 50%. 7353 capsules will likely receive FDA approval and some patients may use it if BioCryst prices it at a meaningful discount, said Van Buren, who pointed out that current treatments cost over $500,000 per year. Following the data report, he reduced his estimate for the penetration of patients on prophylaxis treated to 15% from 30%, leading him to lower his price target on BioCryst shares to $10 from $15. However, Van Buren keeps an Overweight rating on the stock, citing both the significant pullback and the company's capsule+liquid opportunities.
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