While Novavax is up 27% in the last three months, in part reflecting positive Phase 2 NanoFlu data from earlier this month, the stock’s risk/reward profile remains favorable into the Phase 3 maternal-infant ResVax trial readout, JPMorgan analyst Eric Joseph tells investors in a research note. A clinical “near-win” scenario is still a regulatory/commercial win for ResVax, with a 50% upside opportunity to current expectations, contends Joseph. He also believes “unequivocally positive data” warrants fair valuation at a near-doubling to current levels, while a trial failure implies downside of up to 60%-80%. The analyst keeps an Overweight rating on Novavax.
Tuesday, January 29, 2019
Allergan sees FY19 adjusted EPS greater than, equal to $16.36, consensus $16.31
https://thefly.com/landingPageNews.php?id=2854956
UroGen Pharma initiated at H.C. Wainwright
UroGen Pharma initiated with a Buy at H.C. Wainwright. H.C. Wainwright analyst Raghuram Selvaraju started UroGen Pharma with a Buy rating and $82 price target. The company’s technology platform, RTGel, is a novel targeted delivery system that permits instillation of both novel and existing approved active pharmaceutical ingredients into the urothelial tract to treat various conditions, including urothelial cancer, Selvaraju tells investors in a research note. This is a “transformative technology platform that significantly improves current therapy,” adds the analyst.
Biogen sees FY19 adjusted EPS $28.00-$29.00, consensus $28.02
https://thefly.com/landingPageNews.php?id=2854974
Mitraclip presents Abbott upside regardless of suit result: Morgan Stanley
Morgan Stanley analyst David Lewis noted that Abbott (ABT) filed a complaint in Delaware and various jurisdictions outside of the U.S. alleging Edwards’ (EW) Pascal device infringes on Mitraclip’s intellectual property. While stating that it is currently challenging to weigh in on the probability or likelihood of success, Lewis said he believes his estimates for Mitracllip growth in 2019 are likely conservative and that he sees it as a driver of upside to Abbott growth regardless of a potential injunction. It is reasonable to assume Edwards developed Pascal in full awareness of Mitraclip’s patent portfolio, said Lewis, who added that “Pascal is the second most important catalyst this year from a sentiment perspective, but less of a contributor to topline growth” for Edwards.
Zai Lab initiated at Credit Suisse
Zai Lab initiated with an Outperform at Credit Suisse. Credit Suisse initiated Zai Lab with an Outperform and $34.70 price target.
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