Aimmune Therapeutics (AIMT): Raising PT On Reduced Clinical Risk - Piper Jaffray

November 16, 2016 6:20 AM EST
Get Alerts AIMT Hot Sheet
Price: $23.08 -0.04%

Rating Summary:
    5 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
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Piper Jaffray anlayst, Charles Duncan, reiterated his Overweight rating on shares of Aimmune Therapeutics (NASDAQ: AIMT) after Aimmune announced 3Q financials, a development update, and KOL presentations took place at the ACAAI conference. The analyst also upped his PT to $40.

The company ended 3Q16 with $150M in cash, excluding the $145M raised by its Nestle collaboration that will be included on the balance sheet in 4Q16. This strengthened cash position should fund Aimmune well past Phase III PALISADE data in 4Q17 and reduce execution risk for those results and a possible 2018 BLA.

On PALISADE, the analyst is encouraged the trial significantly exceeded North America enrollment projections and drop-out appears lower than expected. This should reduce clinical risk to the trial read-out, as well as address investor concerns.

The new price target of $40 is up from $38 due to reduced clinical risk and despite dilution from the Nestle stake.

For an analyst ratings summary and ratings history on Aimmune Therapeutics click here. For more ratings news on Aimmune Therapeutics click here.

Shares of Aimmune Therapeutics closed at $26.20 yesterday.



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Piper Jaffray, Charles Duncan

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