UPDATE: Citi Upgrades Spark Therapeutics (ONCE) to Buy, Sees M&A Value Upwards of $130/Share
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(Updated - August 7, 2018 11:58 AM EDT)
(updated to add analyst comment and price target)
Citi upgraded Spark Therapeutics (NASDAQ: ONCE) from Neutral to Buy, price target $85.00.
Analyst Mohit Bansal comments "While Spark is down ~30% after this AM’s Hemophilia A update, we think this update was incrementally positive and better than our expectations. We would not be too concerned about the immune flare in 2 patients as we think these patients could be managed with prophylactic use of steroids. We note that other gene therapy players are using prophylactic steroids and it was a bit surprising to us that Spark did not use prophylactic steroid in the first place. Nevertheless, the company will employ prophy strategy going forward. We are upgrading the stock to Buy as we think this weakness is a buying opportunity as data in 5/7 patients are better than our expectations & in-line with our doc-checks and we think immune flares can be managed."
The analyst also sees potential value around $130 for the company in a M&A scenario.
Shares of Spark Therapeutics closed at $77.61 yesterday.
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