Wells Fargo Upgrades InterMune Inc. (ITMN) to Outperform; Proprietary EU Physician Survey Supports Strong Esbriet Uptake
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Price: $73.89 --0%
Rating Summary:
8 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wells Fargo upgraded InterMune Inc. (NASDAQ: ITMN) from Market Perform to Outperform. Valuation range increased from $36-40 to $56-60.
Wells analyst says, "While reimbursement negotiations and enhancement of awareness remain important challenges, the positive physician attitudes and favorable label should help ITMN address these. Based on our survey results, we are increasing our medium-term sales estimates, and now expect European pirfenidone sales to reach $322M in 2013, $502M in 2014, and $1.15B by 2020. Our DCF analysis suggests ITMN’s valuation could be in the mid-$40s on Europe alone (conservatively assuming a 50% probability exclusivity can be maintained beyond 2020); with a 50/50 likelihood the agent reaches the U.S. market, fair value could be in the high-$50s. Given this, as well as our more optimistic expectations for the launch, we believe near-term downside risk is limited."
For more ratings news on InterMune Inc. click here and for the rating history of InterMune Inc. click here.
Shares of InterMune Inc. closed at $46.53 yesterday.
Wells analyst says, "While reimbursement negotiations and enhancement of awareness remain important challenges, the positive physician attitudes and favorable label should help ITMN address these. Based on our survey results, we are increasing our medium-term sales estimates, and now expect European pirfenidone sales to reach $322M in 2013, $502M in 2014, and $1.15B by 2020. Our DCF analysis suggests ITMN’s valuation could be in the mid-$40s on Europe alone (conservatively assuming a 50% probability exclusivity can be maintained beyond 2020); with a 50/50 likelihood the agent reaches the U.S. market, fair value could be in the high-$50s. Given this, as well as our more optimistic expectations for the launch, we believe near-term downside risk is limited."
For more ratings news on InterMune Inc. click here and for the rating history of InterMune Inc. click here.
Shares of InterMune Inc. closed at $46.53 yesterday.
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