Deutsche Bank Comments on Aegerion Pharma (AEGR ) and HOFH PCSK9 Data
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Rating Summary:
8 Buy, 4 Hold, 2 Sell
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Up: 11 | Down: 18 | New: 17
Rating Summary:
8 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Deutsche Bank defended Aegerion Pharmaceuticals (NASDAQ: AEGR), reiterated a buy rating and price target of $115.00. Comments follow news on Amgen's (Nasdaq: AMGN) anti-PCSK9, Evolocumab, in HoFH.
"While the magnitude of benefit was not reported, the co noted that the benefit was statistically and clinically significant . . . In our opinion, the magnitude of efficacy is key here as it will help evaluate the relative benefit of Juxtapid over PCSK9. We note that HoFH patients generally have very high baseline cholesterol and a similar-to Part A benefit may not be sufficient enough to reduce CV risks in these patients. We also note that the current AEGR stock price suggests the co would only treat ~1800 HOFH patients WW at peak (12% share). We model 4k at peak," said analyst Robyn Karnauskas.
"According to AMGN, they believe the results are clinically significant and the company plans to include these data in their global filing later this year. Speaking with AEGR, these results are in-line with their expectations and they expected Amgen to file in HoFH as well. We note that this study was Part B of HoFH study. The part A of the study showed a mean LDL reduction of ~16.5% at 12 weeks. Both part A and Part B of this study were evaluating LDL reduction at 12 weeks as primary endpoint. While we are waiting for the LDL reduction in part B of the study, we note that Juxtapid in its phase 3 clinical trial showed mean LDL reduction of 40% at 26 weeks. We also note that in Part A of Evolocumab study, none of the patients reached normal LDL goal of 75mg/dl. In comparison, 50% of Juxtapid patients achieved this goal in its Phase 3 study. Speaking to AEGR, mechanistically PCSK9 should not work well in HoFH patients. However, there could be marginal effect due to some minimally functional LDL receptors in these patients. The co noted that statins also show some benefit in these patients but the effect is generally not
adequate. AEGR also noted that they would be interested in doing combo studies with statins in future," she added.
For an analyst ratings summary and ratings history on Aegerion Pharmaceuticals click here. For more ratings news on Aegerion Pharmaceuticals click here.
Shares of Aegerion Pharmaceuticals closed at $52.52 yesterday.
"While the magnitude of benefit was not reported, the co noted that the benefit was statistically and clinically significant . . . In our opinion, the magnitude of efficacy is key here as it will help evaluate the relative benefit of Juxtapid over PCSK9. We note that HoFH patients generally have very high baseline cholesterol and a similar-to Part A benefit may not be sufficient enough to reduce CV risks in these patients. We also note that the current AEGR stock price suggests the co would only treat ~1800 HOFH patients WW at peak (12% share). We model 4k at peak," said analyst Robyn Karnauskas.
"According to AMGN, they believe the results are clinically significant and the company plans to include these data in their global filing later this year. Speaking with AEGR, these results are in-line with their expectations and they expected Amgen to file in HoFH as well. We note that this study was Part B of HoFH study. The part A of the study showed a mean LDL reduction of ~16.5% at 12 weeks. Both part A and Part B of this study were evaluating LDL reduction at 12 weeks as primary endpoint. While we are waiting for the LDL reduction in part B of the study, we note that Juxtapid in its phase 3 clinical trial showed mean LDL reduction of 40% at 26 weeks. We also note that in Part A of Evolocumab study, none of the patients reached normal LDL goal of 75mg/dl. In comparison, 50% of Juxtapid patients achieved this goal in its Phase 3 study. Speaking to AEGR, mechanistically PCSK9 should not work well in HoFH patients. However, there could be marginal effect due to some minimally functional LDL receptors in these patients. The co noted that statins also show some benefit in these patients but the effect is generally not
adequate. AEGR also noted that they would be interested in doing combo studies with statins in future," she added.
For an analyst ratings summary and ratings history on Aegerion Pharmaceuticals click here. For more ratings news on Aegerion Pharmaceuticals click here.
Shares of Aegerion Pharmaceuticals closed at $52.52 yesterday.
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