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Fly News Breaks for February 13, 2020
AGIO, BMY
Feb 13, 2020 | 12:45 EDT
Piper Sandler analyst Tyler Van Buren says Agios Pharmaceuticals remains one of his favorite names for 2020 following the company's Q4 results. Tibsovo sales steadily increased quarter-over-quarter and management is confident in the Tibsovo Marketing Authorization Application data package, despite the recent withdrawal of Idhifa, Van Buren tells investors in a research note. He continues to believe that Agios could reacquire rights to Idhifa from Bristol-Myers (BMY) in the near-term, which he says would be "significantly value-creating." Further, the analyst thinks "significant value" is yet to be created with mitapivat and notes that positive AG-636 data could lead to "another meaningful hemeonc opportunity." Van Buren reiteates an Overweight rating on Agios Pharmaceuticals with a $70 price target.
News For BMY;AGIO From the Last 2 Days
BMY
Oct 19, 2020 | 09:52 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bristol-Myers (BMY) upgraded to Buy from Neutral at Guggenheim with analyst Seamus Fernandez saying he thinks Opdivo data suggest growth of the immuno-oncology franchise can return in 2021 and accelerate in 2022. 2. Brookfield (BAM) upgraded to Buy from Neutral at Citi with analyst William Katz saying the merits of the American Equity (AEL) equity stake "alters the somewhat stale narrative and opens up an incremental growth path." 3. Archer Daniels (ADM) upgraded to Overweight from Neutral at JPMorgan with analyst Thomas Simonitsch saying he expects the company's multiple to "re-rate" exiting 2020 given "resilient" Nutrition growth through the pandemic and greater confidence in the segment's growth trajectory for 2021 and beyond. 4. Fabrinet (FN) upgraded to Outperform from Market Perform at Northland with analyst Tim Savageaux saying he sees the 15% pullback in the shares being most likely driven by Huawei and Ciena (CIEN) concerns. 5. O'Reilly Automotive (ORLY) upgraded to Outperform from Market Perform at Raymond James with analyst Matthew McClintock saying he has historically been hesitant to recommend owning the stock due to valuation concerns but says the current valuation is actually attractive for a long-term financial algorithm that has many reasons to accelerate relative to recent years. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BMY
Oct 19, 2020 | 06:32 EDT
As previously reported, Guggenheim analyst Seamus Fernandez upgraded Bristol-Myers to Buy from Neutral with a $70 price target following a series of positive Phase 3 data read-outs related to Opdivo. He thinks the data suggest growth of the immuno-oncology franchise can return in 2021 and accelerate in 2022, Fernandez tells investors. However, "surprise negative safety results" for TYK2 could alter his Buy thesis, the analyst noted.
AGIO
Oct 19, 2020 | 04:55 EDT
Agios Pharmaceuticals announced Friday the withdrawal of its European Marketing Authorization Application for Tibsovo for the treatment of adult patients with relapsed or refractory acute myeloid leukemia with an isocitrate dehydrogenase-1 mutation. The decision is based on feedback from the European Medicine Agency's Committee for Medicinal Products for Human Use that the available clinical data from the company's single arm, uncontrolled Phase 1 study do not sufficiently support a positive benefit-risk balance for the proposed indication. "We are disappointed not to be able to bring TIBSOVO to AML patients in the EU based on our current data in the relapsed/refractory setting, given the tremendous need for new targeted treatment options for this devastating disease," said Chris Bowden, M.D., chief medical officer at Agios. "We continue to believe in the benefit of TIBSOVO(R) for patients with AML and are advancing our two ongoing Phase 3 randomized controlled trials evaluating TIBSOVO(R) combinations in newly diagnosed AML. If these trials are positive, we anticipate pursuing approvals in these indications in both the U.S. and EU."