UBS on U.S. Biotechnology - Updating Outlook on Covered Stocks (GILD, AMGN, BIIB, CELG, INCY, IDIX, VRTX, SGEN)

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UBS on U.S. Biotechnology - Updating Outlook on Covered Stocks

Analyst, Matthew Roden, said, "Despite significant outperformance of the biotech group YTD (+35% vs. S&P: +14%), we remain positive on the large cap group considering (1) reasonable valuation (15x 2013 EPS, slightly above the S&P despite its 14% EPS growth vs. S&P: 4%), and (2) meaningful catalysts in 2012."

Gilead Sciences (Nasdaq: GILD) remains a Top Pick in large cap, citing considerable catalysts. Roden upgrades Amgen (Nasdaq: AMGN) to a 'Buy', but downgrades Biogen (Nasdaq: BIIB) and Celgene (Nasdaq: CELG) to 'Neutral'

For the small-mid cap category, Incyte Corporation (Nasdaq: INCY) is a Top Pick, and the firm continues to like Idenix Pharma (Nasdaq: IDIX)(PT lowered to $10), Vertex (Nasdaq: VRTX)(PT raised to $66) and Seattle Genetics (Nasdaq: SGEN)(PT raised to $30)

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