Company

Bank

Analyst

Coverage

Opinion

Wk chg

5/25 cls

Affymax Inc. (NASDAQ:AFFY)

MLV

Ed Arce

Price target

Buy

8%

$14.07

Arce raised his target to $21 from $12 after Affymax and partner Takeda Pharmaceutical Co. Ltd. (Tokyo:4502) launched once-monthly Omontys peginesatide in the U.S. to treat anemia in chronic kidney disease (CKD) patients who are on dialysis (see BioCentury, April 30). He believes the net overall cost of Omontys will be lower than anemia drug Epogen epoetin alfa from Amgen Inc. (NASDAQ:AMGN), and that nephrologists will view Omontys' label as comparable to Epogen in terms of efficacy and risk. Arce also anticipates an EU launch of the synthetic peptide-based erythropoiesis-stimulating agent (ESA) in early 2013.

Dendreon Corp. (NASDAQ:DNDN)

Jefferies

Biren Amin

New

Underperform

-2%

$7.11

Biren also set a $5 target. He believes Dendreon's Provenge sipuleucel-T is likely to be a "distant third in terms of market share" in asymptomatic/minimally symptomatic metastatic castration-resistant prostate cancer (CRPC). He sees Zytiga abiraterone acetate and enzalutamide (formerly MDV3100) "potentially offering a more compelling value proposition of improved clinical benefits with lower cost densities, fewer reimbursement issues, and greater ease of use." Zytiga is marketed by Johnson & Johnson (NYSE:JNJ). Medivation Inc. (NASDAQ:MDVN) last week submitted an NDA for enzalutamide, an oral androgen receptor antagonist partnered with Astellas Pharma Inc. (Tokyo:4503).