Advanced Accelerator Applications (AAAP): Overview Of This Game Changer- Jefferies
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Jefferies analyst, Peter Welford, reiterated his Buy rating on shares of Advanced Accelerator Applications S.A. (NASDAQ: AAAP) reiterating his belief that Lutathera is a potential "game changer".
Impressive Phase III NETTER-1 data, clinician feedback, and a proprietary US physician survey underpin his confidence in Lutathera. The product is based on a well known concept of somatostatin analogues for NETs, has already treated >2,900 patients, and addresses an unmet medical need.
Regulatory filings were completed in April for US approval by the 28 December Priority Review PDUFA decision date and EU decision around end-1Q17E.
The analyst expects launches by 1H17E and forecasts $640m peak sales treating midgut GEP-NETs for $29/ADS NPV at 100% probability, assuming AAA commercialises itself in US/EU targeting the specialist centres. Adoption to treat other types of NETs could offer significant potential upside, with only $4/ADS NPV currently assigned. Somakit is AAA's PET tracer companion diagnostic for NETs that is launched in the US and should receive EU clearance in 4Q16E.
No change to the price target of $45.
Shares of Advanced Accelerator Applications S.A. closed at $38.79 yesterday.
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