UPDATE: Canaccord Genuity Raises PT on Aegerion Pharmaceuticals Following Tracking Survey Results

In a report published Wednesday, Canaccord Genuity analyst Salveen Richter reiterated a Buy rating on Aegerion Pharmaceuticals AEGR, and raised the price target from $54.00 to $90.00.

In the report, Canaccord Genuity noted, “We are presenting the results from the first of our physician (U.S. lipid centers) tracking surveys assessing the Juxtapid (and Kynamro) launches. From 213 patients (7 centers) in our survey with HoFH, 7 Juxtapid scripts have been written to date, with 5 patients on drug (vs. 1 Kynamro script and patient opting to not take drug), or ~$1.2M in 2013 revenue. Given our survey translates to ~7% of the ~3K U.S. HoFH patients, the ~$1.2M extrapolates to ~$16.6M in FY13 net revenue. Considering this assumes no patient additions in 2013 and given the >185 scripts written per AEGR as of April 30, we have increased confidence in FY13 revenue consensus of $28.9M and CGe of $28.2M (vs. guidance of $15M - $25M). In addition, the identified patients equate to ~1.5K in 50 U.S. lipid centers(remainder potentially in cardiologists offices, etc), vs. AEGR's U.S. TAM estimate of 3K. As a result, we are increasing our PT to $90 from $54 on inclusion of exU.S./E.U revenue, elimination of induction pricing (from June 1+) and increased uptake trajectory in 2014+. We model for peak WW revenue of ~$895M from 3.1K patients on drug in 2024 vs. AEGR's guidance of $1B+ from 4-5K patients.”

Aegerion Pharmaceuticals closed on Tuesday at $60.74.