Baxter (BAX) Smacked on Solid Results from Biogen's (BIIB) Hemophilia Drug
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Price: $26.73 -1.18%
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Today's Overall Ratings:
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Rating Summary:
12 Buy, 15 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 9
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Baxter International (NYSE: BAX) is weaker today after positive data from Biogen's (NASDAQ: BIIB) long acting recombinant factor IX for the treatment of hemophilia B.
Data showed that more than 90% of bleeding episodes were controlled by a single injection, median dosing was 14 days and most importantly there was no inhibitor formation observed in the trial, noted analysts at Deutsche Bank.
"We would expect Baxter to be somewhat weaker in sympathy with the data, though we note that the rFVIII molecule is significantly more complex than the rFIX molecule and more difficult to develop," the analyst said. "That being said, BIIB's long acting rVIII uses the same development platform as the long-acting rFIX, and given the lack of inhibitor formation in the latter product, we believe the probability that the A-Long trial is successful is now greater."
The firm is reiterating thier Hold rating and price target of $63 on BAX, saying increasing competition in the recombinant franchise will be an overhang for the company. They expect the company to discuss its hemophilia business and its pipeline at its upcoming investor meeting on October 9.
For an analyst ratings summary and ratings history on Baxter International click here. For more ratings news on Baxter International click here.
Shares of Baxter International are down 1.6 percent to $59.88.
Data showed that more than 90% of bleeding episodes were controlled by a single injection, median dosing was 14 days and most importantly there was no inhibitor formation observed in the trial, noted analysts at Deutsche Bank.
"We would expect Baxter to be somewhat weaker in sympathy with the data, though we note that the rFVIII molecule is significantly more complex than the rFIX molecule and more difficult to develop," the analyst said. "That being said, BIIB's long acting rVIII uses the same development platform as the long-acting rFIX, and given the lack of inhibitor formation in the latter product, we believe the probability that the A-Long trial is successful is now greater."
The firm is reiterating thier Hold rating and price target of $63 on BAX, saying increasing competition in the recombinant franchise will be an overhang for the company. They expect the company to discuss its hemophilia business and its pipeline at its upcoming investor meeting on October 9.
For an analyst ratings summary and ratings history on Baxter International click here. For more ratings news on Baxter International click here.
Shares of Baxter International are down 1.6 percent to $59.88.
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