Canaccord Boosts PT on Aegerion (AEGR) to $90 Following Juxtapid Surveys
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Price: $1.97 --0%
Rating Summary:
8 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
8 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity is boosting its price target on Aegerion Pharma (Nasdaq: AEGR) from $54 up to $90 after reporting results from the first of our physician (U.S. lipid centers) tracking surveys assessing the Juxtapid (and Kynamro) launches.
Analyst Salveen Richter commented, "From 213 patients (7 centers) in our survey with HoFH, 7 Juxtapid scripts have been written to date, with 5 patients on drug (vs. 1 Kynamro script and patient opting to not take drug), or ~$1.2M in 2013 revenue. Given our survey translates to ~7% of the ~3K U.S. HoFH patients, the ~$1.2M extrapolates to ~$16.6M in FY13 net revenue. Considering this assumes no patient additions in 2013 and given the >185 scripts written per AEGR as of April 30, we have increased confidence in FY13 revenue consensus of $28.9M and CGe of $28.2M (vs. guidance of $15M - $25M). In addition, the identified patients equate to ~1.5K in 50 U.S. lipid centers (remainder potentially in cardiologists offices, etc), vs. AEGR’s U.S. TAM estimate of 3K. As a result, we are increasing our PT to $90 from $54 on inclusion of ex-U.S./E.U revenue, elimination of induction pricing (from June 1+) and increased uptake trajectory in 2014+. We model for peak WW revenue of ~$895M from 3.1K patients on drug in 2024 vs. AEGR’s guidance of $1B+ from 4-5K patients."
The firm maintains its Buy rating on Aergerion.
For an analyst ratings summary and ratings history on Aegerion Pharmaceuticals click here. For more ratings news on Aegerion Pharmaceuticals click here.
Shares of Aegerion Pharmaceuticals closed at $60.74 yesterday.
Analyst Salveen Richter commented, "From 213 patients (7 centers) in our survey with HoFH, 7 Juxtapid scripts have been written to date, with 5 patients on drug (vs. 1 Kynamro script and patient opting to not take drug), or ~$1.2M in 2013 revenue. Given our survey translates to ~7% of the ~3K U.S. HoFH patients, the ~$1.2M extrapolates to ~$16.6M in FY13 net revenue. Considering this assumes no patient additions in 2013 and given the >185 scripts written per AEGR as of April 30, we have increased confidence in FY13 revenue consensus of $28.9M and CGe of $28.2M (vs. guidance of $15M - $25M). In addition, the identified patients equate to ~1.5K in 50 U.S. lipid centers (remainder potentially in cardiologists offices, etc), vs. AEGR’s U.S. TAM estimate of 3K. As a result, we are increasing our PT to $90 from $54 on inclusion of ex-U.S./E.U revenue, elimination of induction pricing (from June 1+) and increased uptake trajectory in 2014+. We model for peak WW revenue of ~$895M from 3.1K patients on drug in 2024 vs. AEGR’s guidance of $1B+ from 4-5K patients."
The firm maintains its Buy rating on Aergerion.
For an analyst ratings summary and ratings history on Aegerion Pharmaceuticals click here. For more ratings news on Aegerion Pharmaceuticals click here.
Shares of Aegerion Pharmaceuticals closed at $60.74 yesterday.
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