Pfizer price target raised to $45 from $43 at Morgan Stanley. Morgan Stanley analyst David maintained an Overweight rating on Pfizer (PFE) and raised his price target to $45 based upon a 5-year CAGR for revenue growth of 3% and EPS growth of 7%. In a research note to investors, Risinger says he believes the primary driver of major pharma stock performance in recent months is “defensive rotation.” Additionally, he notes that political news has been “encouraging” as of late, with President Trump tweeting on July 19 “Thank you to Novartis (NVS) for not increasing your prices on prescription drugs. Likewise to Pfizer.” Looking ahead, the analyst says to watch for U.S. pricing perception drivers in the coming months that could impact pharma stock performance, including potential additional HHS action on drug rebates, November election results and manufacturer communication and action on U.S. list prices by early January.
Thursday, August 23, 2018
Merck price target raised to $74 from $68 at Morgan Stanley
Morgan Stanley analyst David Risinger maintained an Overweight rating on Merck and raised his price target to $74 from $68, citing his expectation for operating leverage to become more visible in 2019 and pipeline progress to improve perception about prospects in the face of Januvia generics in January 2023. Looking ahead, Risinger projects Merck’s 5-year CAGR from 2018-2023 for revenue growth of 3% and EPS growth of 8%. Risinger says he believes the primary driver of major pharma stock performance in recent months is “defensive rotation.” Looking ahead, the analyst says to watch for U.S. pricing perception drivers in the coming months that could impact pharma stock performance, including potential additional HHS action on drug rebates, November election results and manufacturer communication and action on U.S. list prices by early January.
Krystal Biotech gets rare peds disease tag from FDA
Krystal Biotech announced that the FDA has granted a rare pediatric disease designation, or RPDD, to the company’s gene therapy candidate KB105, for the treatment of patients with TGM-1-deficient autosomal recessive congenital ichthyosis. ARCI is associated with neonatal morbidity and neonatal mortality as well as the following manifestations that primarily affect older infants and children: hypohidrosis, ectropion, alopecia, digital contractures, failure to thrive and short stature. The RPDD makes the KB105 program eligible for a Rare Pediatric Disease Priority Review Voucher upon approval of KB105 by the FDA.
Exact Sciences price target raised to $90 from $75 at Leerink
Leerink analyst Puneet Souda raised his price target for Exact Sciences (EXAS) to $90 from $75 following its co-promotional agreement with Pfizer (PFE). The analyst reiterates an Outperform on Exact Sciences given his view that Cologuard is highly under-penetrated in an 100M-patient strong population where he believes the company could deliver 40%-plus penetration or $6B-plus in revenue longer-term, from just about 3% penetration today.
Bayer sees no reason to re-assess Monsanto legal risks
Bayer sees no reason to re-evaluate the legal risks from recently acquired Monsanto after the U.S. unit was ordered to pay damages in a lawsuit over alleged links between weed-killer glyphosate and cancer, Reuters reports, citing German daily Handelsblatt. “The safety assessment of glyphosate has not changed since the time of the acquisition. If that were to change and we were to find that something was missed during the due diligence we would act accordingly. But that is not the case,” CEO Werner Baumann said, adding the full extent of current glyphosate litigation was not foreseeable when Bayer assessed the value of the company.
Cue Biopharma to hold a business news update conference call
Management holds a conference call to provide an overview of the Company’s Immuno-STAT (Selective Targeting and Alteration of T cells) platform and development strategy, as well as updates on key programs and anticipated milestones, on August 23 at 8:30 am. Webcast Link: https://edge.media-server.com/m6/p/sre5hjuj
Novartis says Phase 3 breast cancer trial meets primary endpoint
Novartis announced the global Phase III SOLAR-1 trial evaluating the investigational alpha-specific PI3K inhibitor BYL719 has met the primary endpoint showing an improvement in progression-free survival, or PFS. SOLAR-1 is evaluating BYL719 in combination with fulvestrant compared to fulvestrant alone in postmenopausal women and men with hormone-receptor positive, human epidermal growth factor receptor-2 negative, or HR+/HER2-, PIK3CA-mutant advanced or metastatic breast cancer that progressed on or following aromatase inhibitor treatment with or without a CDK4/6 inhibitor.
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