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uniQure (QURE) Ests and PT Cut After Dropping Glybera - Jefferies

December 1, 2015 9:49 AM EST
Get Alerts QURE Hot Sheet
Price: $4.97 --0%

Rating Summary:
    23 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 7 | New: 41
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Jefferies analyst, Eun Yang, reduced the price target on uniQure BV (NASDAQ: QURE) to $36 vs $40 previously. The drop takes into account the loss of revenue from the removal of Glybera and increasing the discount rate to 13% (from 12%) to reflect yet-to-be proven commercial potential/success of gene therapy products. No change to the Buy rating.

QURE no longer pursuing U.S. approval of Glybera does not come as a total surprise given frustrating progress to date & disappointing EU launch. This underscores yet-tobe proven commercial potential of gene therapies.

Revenues in 3Q15 were ~€3.2M but QURE stated that it is taking an impairment charge related to a reduction in the number of patients that can be treated with Glybera for lipoprotein lipase deficiency (LPLD). Cash of ~€215M at end-3Q15 should be sufficient into ~2018

Upcoming clinical events include: (1) Ph1/2 preliminary data from 2 pts for AMT-060 in hemophilia B in Jan. 2016 & preliminary data from 5 pts in the low-dose cohort in 1H16; (2) regulatory pathway for AMT-060 & AMT-110 to be established in 2016/early-2017; (3) 30-mo follow-up Ph1/2 data for AMT-110 in Sanfilippo B in 2016; (4) IND-enabling studies for Huntington's Disease & hemophilia A to begin in 2016; (5) at least 1 new program each in liver & CNS to be nominated in 2016; and (6) validation testing of 4D Synthetic AAV candidates to begin in 2016.

For an analyst ratings summary and ratings history on uniQure BV click here. For more ratings news on uniQure BV click here.

Shares of uniQure BV closed at $18.78 yesterday.



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