BioCentury on BioBusiness,
Analyst Picks & Changes
Analyst picks & changes
Published on
Monday, February 6, 2012
|
Company
|
Bank
|
Analyst
|
Coverage
|
Opinion
|
Wk
chg
|
2/3
cls
|
|
Alkermes
plc (NASDAQ:ALKS)
|
Baird
|
Thomas
Russo
|
Price
target
|
Neutral
|
0%
|
$19.15
|
|
|
Leerink
|
Steve Yoo
|
Price target
|
Outperform
|
|
|
|
Russo
raised his target to $18 from $17 on FDA's approval of once-weekly Bydureon
exenatide from Amylin Pharmaceuticals Inc. (NASDAQ:AMLN) to treat Type
II diabetes, and raised his target again to $20 after Alkermes reported
better-than-expected earnings. Alkermes reported revenues for fiscal 3Q
ending Dec. 31, 2011, of $125.6M, above his and consensus estimates of
$114.7M and $113.9M, respectively. The drug delivery company also raised FY12
revenue guidance to $370-$400M, up from a range of $350-$380M. Alkermes will
receive 8% royalties on net worldwide sales for the first 40M units of
Bydureon and 5.5% afterwards. Bydureon is a long-acting release (LAR)
formulation of synthetic exendin-4 that uses drug delivery technology from
Alkermes.
|
|
Yoo
raised his target to $22-$24 from $21-$23 on the Bydureon approval and sales
of long-acting schizophrenia drugs reported by partner
|
|
Johnson
& Johnson (NYSE:JNJ). The
pharma reported 2011 global sales of Invega Sustenna paliperidone palmitate
were up 18% to $499M, while 2011 global sales of Risperdal Consta risperidone
were up 6% to $1.6B. Both drugs use drug delivery technologies from Alkermes.
|
|
Amylin
Pharmaceuticals Inc. (NASDAQ:AMLN)
|
Baird
|
Thomas
Russo
|
Price
target
|
Market
outperform
|
41%
|
$17.10
|
|
|
Summer
Street
|
Carol
Werther
|
Downgrade
|
Neutral
(from buy)
|
|
|
|
Russo
raised his target to $17 from $15 after FDA approved Amylin's once-weekly
Bydureon exenatide to treat Type II diabetes. He believes the next positive
catalyst in 2012 could be a successful ex-U.S. partnership for exenatide.
Russo expects 2012 revenues for Bydureon of $79M. Bydureon is a
long-acting release (LAR) formulation of synthetic exendin-4 that uses drug
delivery technology from Alkermes plc (NASDAQ:ALKS).
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