Mizuho Maintains Bullish View on Allgergan (AGN) Amid Competitor Dry Eye Data

Mizuho Securities analyst Irina Koffler reiterated a Buy rating and $273 price target on Allergen (NYSE: AGN) Competitor Sun Pharma (SUNP.IN, Not Rated) announced positive Phase III data for its dry eye drug, Seciera (cyclosporine A, 0.09% ophthalmic solution) and plan to discuss next steps with FDA.

Koffler commented, "We spoke with Auven Therapeutics, the prior owners of this asset at the American Academy of Ophthalmology conference in October and at that time it was believed that a 2017 NDA submission was likely. The Seciera formulation reportedly does not infringe on the Restasis patent estate, so a 2018 launch for this drug may introduce another viable dry eye alternative, albeit from a smaller competitive entrant. A possible differentiating characteristic for Seciera may be its rapid onset of action, according to the Sun Pharma press release. We note that Allergan has launched its multidose, preservative-free formulation of Restasis in late November but switching from the older vial has been minimal to date during the holiday season. We reiterate our Buy rating and $273 PT on AGN in front of its 2017 guidance."

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

Shares of Allergen closed at $216.19 yesterday.

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