Goldman Sachs Reiterates Sell Rating on Aegerion Pharma (AEGR)

Goldman Sachs maintained a Sell rating on Aegerion Pharmaceuticals (NASDAQ: AEGR) with a price target of $27. Comments follow Amgen (NASDAQ: AMGN) phase 3 data for its anti PCSK9 antibody, evolocumab (Emab), in homozygous familial hypercholesterolemia (HoFH).

Analyst Navdeep Singh said, "The data showed that Emab at 420mg monthly along with lipid-lowering medications lowered LDL-C by a mean of 23% vs. an 8% increase in placebo (31% treatment delta) at week 12. We note that at week 6 (2 weeks post second dose) Emab lowered LDL-C by ~30%. In our opinion, this is a marked improvement from previously reported data that showed Emab at 420mg provided a 14% (bi-monthly) and 17% (monthly) LDL-C reduction."

"Recall Juxtapid showed a 40% mean reduction in LDL-C at week 26 in its pivotal trial. Hence, the efficacy edge for Juxtapid has decreased. Emab was also well-tolerated in the phase 3 trial. There were no serious adverse events that led to discontinuation. AEs (>1 patients) included respiratory tract infection (n=3, 9%), influenza (n=3, 9%), gastroenteritis (n=2, 6%) and nasopharyngitis (n=2, 6%). Recall that Juxtapid has a black box warning for liver toxicity (liver enzyme elevation: 34% ≥ 3x upper limit of normal, liver fat increase by 6%) and is associated with GI toxicity (21% severe)," he added.

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 $32.85 yesterday.

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