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JMP Securities Covers Mostly Good News From Pharma Pending More Visibility

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Achillion Pharmaceuticals Inc.'s (NASDAQ: ACHN) recent interim data for its developmental hepatitis C drug is "incrementally positive," according to JMP Securities' Liisa A. Bayko.

Achillion's Monday data dump is among a half-dozen drug company developments that JMP analysts commented on Tuesday.

Bayko reiterated an Outperform rating and $24 price target on Achillion, but called it a "high risk" clinical plan by the company to use its NS5A inhibitor, ACH-3102, in combination with Gilead Sciences Inc.'s (NASDAQ: GILD) Sovaldi treatment for hepatitis C.

Boston Scientific Corp. (NYSE: BSX) agreement to market C.R. Bard Inc.'s (NYSE: BCR) drug-coated balloon called Lutonix in the U.S. got a thumbs up from JMP's J.T. Haresco.

Hareso reiterated an Outperform rating and $17 target on Boston Scientific, and said the Bard agreement covers part of Boston's strategy for selling a complete array of products aimed at peripheral arterial disease.

Horizon Pharma PLC (NASDAQ: HZNP) is making good with its $45 million October acquisition of the osteoarthritis drug Pennsaid, with sales of the product tracking toward $40 million in annual sales, JMP's Oren G. Livnat said.

Livnat raised his target on Horizon 11 percent to $20 and maintained an Outperform rating on the company, citing a possible earnings surprise Feb. 29.

Organovo Holdings Inc. (NYSE: ONVO) released its first product, 3D human liver tissue in the third quarter, but on Monday posted related revenue of only $155,000 for the period.

Hareso reiterated a Market Perform rating and said he'll wait for more "visibility" on liver revenue.

Pharmacyclics Inc. (NASDAQ: PCYC) released promising data on its Imbruvica drug from a Phase I lymphoma trial. The drug received marketing clearance for a fourth related indication last month.

JMP's Michael King reiterated an Outperform rating on Pharmacyclics along with a $253 target, predicting 2015 sales of $1.4 billion.

Tetraphase Pharmaceuticals Inc. (NASDAQ: TTPH) may benefit from proposed legislation enabling it to transfer to another company one year of market exclusivity on its eravacycline antibiotic candidate.

The proposal, a small piece of the so-called 21st Century Cures bill now before Congress, could make Tetraphase a more attractive buyout candidate, "or alternatively, it could create a source of financing" once eravacycline is approved, according to Bayko.

Bayko maintained an Outperform rating and $58 target on Tetraphase Tuesday.

Latest Ratings for ACHN

DateFirmActionFromTo
May 2018BarclaysUpgradesUnderweightEqual-Weight
Feb 2018B. Riley FBRInitiates Coverage OnNeutral
Aug 2017BairdDowngradesOutperformNeutral

View More Analyst Ratings for ACHN
View the Latest Analyst Ratings

Posted-In: J.T. Haresco JMP Securities Michael King Oren G. LivnatAnalyst Color Analyst Ratings

 

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