Company

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Analyst

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Opinion

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1/18 cls

AMAG Pharmaceuticals Inc. (NASDAQ:AMAG)

Leerink

Joseph Schwartz

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Outperform (from market perform)

-3%

$15.47

Schwartz also raised his target to $19 from $17, saying he believes sales expectations for Feraheme ferumoxytol are now achievable. He noted that AMAG management has "shifted the company's strategy away from heavy product discounting and rebating and positioned Feraheme well ahead of the broader iron deficiency anemia (IDA) opportunity." In December, AMAG submitted an sNDA to FDA to expand the indication to include the treatment of all adults with IDA who have failed or could not tolerate oral iron treatment (see BioCentury, Jan. 7). The IV iron replacement therapy already is approved to treat IDA in adults with chronic kidney disease (CKD). Schwartz estimates U.S. Feraheme sales of $66.4M in 2013 and $90.6M in 2014.

Celsion Corp. (NASDAQ:CLSN)

Brean Capital

Jonathan Aschoff

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Sell (from buy)

-17%

$7.00

Aschoff also lowered his target to $1 from $7 after the recent runup in Celsion's share price prior to data from the Phase III HEAT trial of ThermoDox to treat non-resectable hepatocellular carcinoma (HCC), which he expects this quarter. Aschoff said the price strength placed Celsion's valuation at a level where he expects more downside from negative data than sustainable upside from positive data. Even if the data show that Thermodox plus radiofrequency ablation (RFA) meets the primary endpoint of progression-free survival (PFS) vs. RFA alone, Aschoff said it will be more difficult to show a meaningful improvement in overall survival (OS). The trial allows patients with incomplete ablations to be retreated regardless of treatment group, which he said "can only serve to make both groups perform more like one another." Thermodox is doxorubicin encapsulated in a heat-activated liposome.