Company

Bank

Analyst

Coverage

Opinion

Wk chg

10/19 cls

Aegerion Pharmaceuticals Inc. (NASDAQ:AEGR)

Deutsche Bank

Robyn Karnauskas

Price target

Buy

23%

19.6

Jefferies

Eun Yang

Price target

Buy

Karnauskas raised her target to $30 from $19 after FDA's Endocrinologic and Metabolic Drugs Advisory Committee voted 13-2 that efficacy and safety data for Aegerion' lomitapide support approval to treat homozygous familial hypercholesterolemia (hoFH) (see B10). She assumes a launch early next year and estimates lomitapide will generate peak worldwide sales of about $500M in adults and about $160M in pediatric patients. The small molecule microsomal triglyceride transfer protein (MTP) inhibitor has a Dec. 29 PDUFA date.

Yang raised her target to $22 from $20 on the panel vote. She expects Aegerion to launch lomitapide in the U.S. in early 2013 and in the EU in 2H13. Yang estimates peak lomitapide sales of $240M in the U.S. and $180M in the EU.

Elan Corp. plc (NYSE:ELN)

Leerink

Marko Kozul

Downgrade

Underperform (from market perform)

-1%

$10.91

Kozul also lowered his target to $8 from $12-$13 based on a survey of 86 multiple sclerosis caregivers in North America and the EU that predicted only "modest growth" for Elan's autoimmune drug Tysabri natalizumab through 3Q15, but "robust growth" for BG-12 from Biogen Idec Inc. (NASDAQ:BIIB). Kozul lowered his 2013-17 worldwide Tysabri sales estimates to $1.8B-$2.3B from $1.9B-$3B. Elan markets the humanized mAb against integrin alpha (4) in the U.S., while partner Biogen Idec markets it elsewhere. BG-12, an oral dimethyl fumarate that activates the NF-E2-related factor 2 (Nrf2) pathway, is under review in the U.S., EU, Australia, Canada and Switzerland for MS.