InterMune (ITMN) Stock Can Continue to Run in the First Quarter of 2014 - Summer Street

December 30, 2013 2:05 PM EST
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Price: $73.89 --0%

Rating Summary:
    8 Buy, 9 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Up 55% in 2013, InterMune, Inc. (NASDAQ: ITMN) could continue to run in the first quarter of 2014 thinks Summer Street Research analyst Bart Classen.

The analyst is optimistic about the upcoming results of the pulmonary fibrosis trial and believe shares could run ~20% in Q114 ahead of the data/unpartnered blockbuster asset.

"We believe that the ASCEND trial of pirfenidone (last patient Jan:2014) for idiopathic pulmonary fibrosis will be successful when the data is top lined Q2 2013," Classen said. "The trial is similar to three previous phase III trials but is only 52 weeks in duration. All previous trials were statistically significant in the 48-52 week range. Pirfenidone loses efficacy after 52 weeks, which explains the failure of one 72-week pivotal trial (Study 006). Some investors are concerned that the phase III results from Boehringer Ingelheim’s (Private) TKI nintedanib in idiopathic pulmonary fibrosis could be a spoiler if the trials (INPULSIS-1 and -2) are successful. We believe that the odds do not favor success of nintedanib, given the failure of many different therapies in IPF. However, we believe that even if it gets to market, nintedanib will not be a major competitive threat to ITMN (progression market)."

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